If the deductible is $300 and the co-payment is 20%, on a covered expense of $800 the individual will pay ________, and their insurance company will pay ________.
A. $500; $300
B. $300; $400
C. $300; $500
D. $400; $400
Answer: D
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The objective of risk management is to
a. determine the level of risk that is “acceptable” to society b. evaluate and select the best policy approach to achieve the “acceptable” level of risk c. evaluate and select the policy initiative to achieve any level of risk d. (a) and (b) only e. (a) and (c) only
According to Marx, which of the following factors of production did not contribute anything of value to production?
A) capital B) entrepreneurship C) natural resources D) labor
The production approach to measuring GDP requires ________
A) that the market value of a given good is a reasonable approximation of its economic value B) that all goods and services be added up before assigning a market value C) that no good or service rendered outside the market be included in GDP D) all of the above E) none of the above
The equilibrium wage rate in an industry is found by
A) the intersection of the market demand curve for labor and the marginal revenue product curve of labor. B) the intersection of the firm's demand curve for labor and the firm's supply curve of labor. C) the intersection of the market demand curve for labor and the market supply curve of labor. D) negotiations between the union leadership and the managers of the firms.