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Principles of Economics 2e

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

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Principles of Economics 2e

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

To what sorts of customers would an insurance company offer a policy with a high copay? What about a high premium with a lower copay?

To determine

The type of customers for whom the high copay policy and low copay with high premium policy is offered by the insurance company is to be determined.

Explanation

The method of copayment is defined as the specified fixed amount which a customer having the policy has to pay at each and every time that customer uses its insurance cover. The customers who are suffering from normal diseases and visit their doctors’ very frequent are offered with high copay policies so that they can pay a fixed but small amounts at their each visit...

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