BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The maximum amount of money an insurance company will pay for a given injury or ailment within a given period of time
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Insurance that covers both routine and preventative care as well as emergency room care
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insurance policy that protects the company’s vehicles
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An amount that en employee must pay for medical or dental care before insurance begins paying
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Detailed explanation-1: -Deductible in health insurance is the amount that the policyholder is required to pay by self for the medical treatment before the insurance company starts covering the expenses.
Detailed explanation-2: -What are deductibles? Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.
Detailed explanation-3: -There are two types of deductibles that are available in India on a health insurance plan, these are compulsory and voluntary deductible. In international markets, there are a few more which are also mentioned below. Compulsory Deductible: These deductibles are mandatory and are governed by the insurer.
Detailed explanation-4: -Deductible is the amount of money that you agree to pay (as per the term and condition) during the claim process. For example, if you have a deductible clause of Rs 5, 000 in your insurance policy, you have to pay this amount, whether the claim amount is Rs 10, 000 or Rs 1 lakh.
Detailed explanation-5: -A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.