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CVPM Exam By Book > *Contracts, Benefits, and Practice Management For The Veterinary Profession > Flashcards

*Contracts, Benefits, and Practice Management For The Veterinary Profession Flashcards

1
Q

Are DVMS eligible for overtime per the Fair Labor Standards Act?

A

only if it’s a condition of their contract

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2
Q

What law provides tax relief for people with educational debts?

A

Tax Relief Act of 1997

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3
Q

Define: Lifetime Learning Tax Credit

A

allows up to $4k in tuition costs to be put against federal taxes owed

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4
Q

How many new clients should a practice get per month?

A

20 new clients per full time DVM

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5
Q

How does an employee qualify for FMLA?

A

employed for 12+ months

employed for 1250+ hours

company has 50+ employees

employee provides at least 30 days written notice

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6
Q

Define: Equal Pay Act

A

requires that men and women receive equal pay and benefits

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7
Q

What is needed to receive workman’s compensation during an LOA?

A

incident report

request from employee

statement from healthcare provided to insurance

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8
Q

Who does Professional Liability Insurance cover?

A

practice owner, employees, volunteers

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9
Q

Define: Bailee Supplemental Insurance

A

for pets who escape, are injured in transit, or attacked by another pet while in vet practice’s care

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10
Q

Define: “Elimination Period” in regards to Disability Income

A

waiting period after injury before benefits begin

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11
Q

Define: Automatic Benefits Indexing

A

increased pay from disability insurance due to inflation

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12
Q

In regards to disability insurance, what is the coverage that allows the insured to be reimbursed until income returns to the predetermined amount?

A

Total Recovery Clause

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13
Q

Define: Future Insurance Option

A

In regards to disability insurance.

allow purchasing of additional insurance as income increases.

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14
Q

In regards to disability insurance, what allows increases in monthly benefits to keep pace with cost of living?

A

Cost of Living Option

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15
Q

Define: Overhead Expense Insurance

A

reimburses business expenses while PO is on disability

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16
Q

What insurance is an agreement between co-owners that identifies responsibility when one owner is disabled, dies, or is terminated?

A

Buy-Sell Insurance

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17
Q

What insurance reimburses the practice when a key person becomes disabled?

A

Key Person Disability Insurance

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18
Q

Define: Step Rate Policies

A

where insurance rate slowly increases as employee gets older

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19
Q

Regarding health insurance, define: Fee for Service

A

allows patient to go to any doctor

high premiums

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20
Q

Regarding health insurance, define: HMO

A

covers preferred providers

specialist can only be seen by referral

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21
Q

Regarding health insurance, define: PPO

A

covers preferred providers

specialist does not require referral

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22
Q

Define: Term Life Insurance

A

provides coverage for a defined period of time

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23
Q

Define: Permanent Life Insurance

A

provides coverage for entire life

typically level premium through entire life

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24
Q

In regards to life insurance…

what is the difference between annually renewable, decreasing term, and level term?

A

annually renewable - premiums increase each year

decreasing term - level premiums, but decreasing coverage

level term - premium stays level for set number of years

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25
Q

Regarding life insurance…

define: waiver of premium

A

waives premium payments during disability

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26
Q

Regarding life insurance…

term for: allows additional increments of insurance to be purchased without medical exams

A

additional insurance

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27
Q

Regarding life insurance…

term for: allows advance of benefits when insured has terminal illness

A

accelerated benefits

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28
Q

Regarding life insurance…

term for: allows splitting of joint life policy to individual policies

A

policy split option

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29
Q

Regarding life insurance…

define: exchange rider

A

allows transfer of policy to someone else

30
Q

Regarding retirement plans…

Define: Traditional profit sharing plan

A

divide employer’s annual contributions equally as uniform % of pay

31
Q

Regarding retirement plans…

define: integrated profit sharing plan

A

allows more of employer’s contributions to those whose earnings exceed a minimum amount

32
Q

Regarding retirement plans…

Define: age-weighted

A

allows more contributions to go to older staff

33
Q

Regarding retirement plans…

define: new comparability

A

allows employer to define different groups to allocate contributions accordingly

34
Q

Term for: employer makes non-discrimatory contributions to employee’s IRA

A

simplified employee pension plan

35
Q

Define: Economic Growth and Tax Relief Reconciliation Act of 2001

A

increased maximum contribution of profit sharing plan from 15% to 25%

36
Q

Define: 401K

A

allows employee to make salary deferral contributions for retirement, usually with employer match

37
Q

What are the contribution limits for 401Ks?

A

up to 100% of salary or up to $15K

38
Q

What is the difference between a simple 401k and simple IRA?

A

401k - limited withdrawal reasons

IRA - with withdraw for any reason

39
Q

Define: Restrictive Covenants

A

limits the area and time where former employee can work similar job

AKA noncompete clause

40
Q

Define: Sherman Antitrust Act

A

restricts interstate commerce and competition

41
Q

Define: Material Breach

A

breach in contract

42
Q

Define: Liquidated Damages

A

amount owed if there is a breach in contract

43
Q

Define: Blue Pencil Doctrine

A

if courts can deem contract reasonable by omitting the unreasonable parts, they should

44
Q

Define: Savings Clause

A

verbiage that deems contract valid even if portion is deemed unreasonable

45
Q

Define: English Common Law System

A

judges have discretion to establish legal precedents based on customs and beliefs of the people

46
Q

Define: Case Law

A

law derived from judicial decisions and interpretations

47
Q

Term for: decisions made in prior cases are to be followed in current cases in courts of the same jurisdiction

A

Stare Decisis

48
Q

Term for: ethical constraints formed by principles and ideals developed by group of people to encourage high standards

A

Code of Ethics

49
Q

What is the Code of Ethics calls for DVMs?

A

AVMA Principles of Veterinary Medical Ethics

50
Q

What is the difference between official, administrative, and normative veterinary ethics?

A
  • official — ethical standards established by organized vetmed
  • administrative — ethical standards established by government bodies
  • normative — ethical standards established by principles of right and wrong
51
Q

Who enforces laws vs ethics?

A

Laws - government

Ethics - organizations

52
Q

Define: dog and cat lemon laws

A

can return unhealthy pet to dealer and obtain new pet or refund for vet expenses

53
Q

What is the DVM’s moral duties?

A
  • protect animals
  • apply own standards of right and wrong
  • educate owners
54
Q

What’s the DVM’s ethical duties?

A
  • follow AVMA Principles of VetMed Ethics
  • retain public’s trust
  • advocate for animals and society’s relationship with them
55
Q

What’s the DVM’s legal duties?

A
  • follow contracts
  • enforce state and federal laws
  • understand laws regarding care of animals
  • be involved in creation of laws related to profession
56
Q

What term describes utilizing legal consequences with difficult owners to produce results, rather than moral consequences?

A

Armtwister

57
Q

Define: written law

A

rules enacted by government and placed in code of laws

58
Q

Define: unwritten law

A

aka “common law”

interpretation by court system of written laws including previous case decisions

59
Q

Define: Substantive law

A

rights and duties which a person must adhere to in society

60
Q

Define: procedural law

A

rules and procedures for conducting a lawsuit

61
Q

Define: criminal law

A

between individual and society

62
Q

Define: civil law

A

between individuals in society

63
Q

Term for: payment of monetary damaged for injury caused by misconduct

A

Remedies at Law

64
Q

Term for: payment via action for misconduct

A

Remedies at Equity

65
Q

Define: promissory estoppel

A

even if no written agreement is in place, a promise must be enforced if one party would otherwise incur substantial detriment

66
Q

Define: adhesion contract

A

written by one party to another party under circumstances of no negotiation

67
Q

Define: doctrine of unconscionability

A

gives someone the right to resist enforcement of poorly written contract

68
Q

Term for: breach caused minimal damages

A

Nominal damages

69
Q

Define: Compensatory damages

A

breach caused significant financial detriment

70
Q

Term for: breaching party must give up unfair gains

A

Restitution

71
Q

Define: Law of Agency

A

Involves situations where agent of owner makes requests for patient care; should have contract outlining this whenever possible

CVPM Exam By Book (10 decks)

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