5. Which of the following statements concerning the damages involved in liabilit

Question

5. Which of the following statements concerning the damages involved in liability claims is

(are) correct?

I. Compensatory damages are designed to financially compensate a claimant who has suffered a loss.

II. Punitive damages are designed to indemnify a claimant for pain and suffering.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

6. Which of the following statements concerning state high-risk pools for individual medical expense coverage is (are) correct?

I. As a result of state subsidies, premiums tend to be much lower than in the regular market place.

II. Benefits for preexisting conditions are often subject to a waiting period.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

7. Which of the following statements concerning coinsurance under group major medical plans is (are) correct?

I. Different coinsurance percentages may apply to different categories of medical expenses.

II. The coinsurance percentage typically is applied to a person's covered expenses prior to subtracting the deductible amount.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

Explanation / Answer

5) I ONLY (TRUE)

Compensatory damages are designed to financially compensate a claimant who has suffered a loss.

6) II ONLY (TRUE) Benefits for preexisting conditions are often subject to a waiting period

7) II ONLY (TRUE) The coinsurance percentage typically is applied to a person's covered expenses prior to subtracting the deductible amount.

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