ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Percentage of the allowed amount that is the patients responsibility.
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Fee paid for the health insurance coverage
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Purchased by an organization for the benefit of members
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Portion of the cost of service to be paid by the insured
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Detailed explanation-1: -What is Health Insurance Premium? The Health Insurance Premium is the amount of money you need to pay periodically to an insurer in order to avail the medical coverage as well as to ensure that the policy remains in force.
Detailed explanation-2: -Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium.
Detailed explanation-3: -A premium is the amount you pay an insurer for insurance cover. It reflects what the insurer believes is the likelihood you will make a claim. It also includes an insurer’s business costs, and may also reflect the benefits of any discounts or bonuses the insurer may offer to you.
Detailed explanation-4: -What Is an Insurance Premium? An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.
Detailed explanation-5: -While buying a health insurance plan, one should be aware of the factors that can affect his/her premiums. The factors include family medical history, pre-existing medical conditions, gender, age, Body Mass Index (BMI), marital status, etc.