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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Define deductibles, copayments, and coinsurance.

To determine

The definition of deductibles, copayments, and coinsurance needs to be determined.

Explanation

The deductible and coinsurance are the method of reducing the moral hazard. In deductibles, the moral hazard is reduced by charging some amount from policy holder from their pocket. Such amount is known as the deductible. In coinsurance, the moral hazard is reduced by charging a particular cost of percentage from the policy holder. These both costs are charged before coverage of any eligible expenses in the insurance...

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