To determine the differences between insuring in a medical policy with that of the other policies.
Explanation of Solution
Insurance policies provide coverage against recoverable losses such as coverage against property, automobile, robbery and theft whereas health policies are known to be irrecoverable as the individuals usually have no incentive to insure against any medical loss. People tend to have a higher interest in insuring their assets such as property, automobile and businesses whereas a very lower importance have been given by the individuals in covering up their medical losses as many people tend to fail in identifying that health is the most valuable asset out of all. People tend to give a higher value for material things whereas good health is something that has been underestimated in the recent times. People tend to insure on material things as soon as they purchase them whereas health is a concern that starts from the mid age of an individual. Overall, health policies are known to be the most important and most valuable out of all insurance policies though people tend to realize this at a later stage on their life spans.
Introduction:
The objective of this study is to identify the differences between insuring in a medical policy with that of the other policies.
Want to see more full solutions like this?
Chapter 7 Solutions
HEALTH ECONOMICS+POLICY-MINDTAP
- Approximately __________ million Americans are without health insurance.arrow_forwardWhy can’t a healthy lifestyle and a medical history with no major incidents be enough to guarantee low health care costs going forward?arrow_forwardWhat approaches to healthcare reform are morally acceptable, economically effective, and politically feasible?arrow_forward
- Why is healthcare fraud is a big problem in the U.S. economy?arrow_forwardThere have been shifts in policy regarding the regulation of managed care organizations intended to protect the consumer from rationed care. Are current regulations working or are they adding to already too much regulation and associated cost of providing healthcare in the U.S.?arrow_forwardHow can I Analyze the effect of healthcare reform on the healthcare consumer who uses the Insurance company launching a new medical product for the health insurance exchangearrow_forward
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc