Which defines insurance?(1 point) Responses a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event a program that manages risk by avoiding it a program that manages risk by avoiding it a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring. a risk control strategy that encourages taking action to reduce the likelihood of a loss occurring. an agreement between two individuals to protect each other against negative events
a policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event
What is a premium?(1 point) Responses the amount paid by the policyholder to the insurer on a regular basis for the policy the amount paid by the policyholder to the insurer on a regular basis for the policy the maximum amount a policy will pay out in any one year the maximum amount a policy will pay out in any one year the amount paid by the policyholder before the insurance policy starts paying on the claim the amount paid by the policyholder before the insurance policy starts paying on the claim the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached
the amount paid by the policyholder to the insurer on a regular basis for the policy.
What is a deductible?(1 point) Responses the maximum amount a policy will pay out in any one year the maximum amount a policy will pay out in any one year the amount paid by the policyholder before the insurance policy starts paying on the claim the amount paid by the policyholder before the insurance policy starts paying on the claim the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached the amount paid after the deductible has been satisfied and until the out-of-pocket maximum has been reached the amount paid by the policyholder to the insurer on a regular basis for the policy
the amount paid by the policyholder before the insurance policy starts paying on the claim.
What is an individual health plan? (1 point) Responses Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families. Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families. A selection of health plans offered to an employee by the employer. A selection of health plans offered to an employee by the employer. A selection of plans offered by the government. A selection of plans offered by the government. The largest market sector of the health care insurance industry.
Health insurance policies for those who do not have access to employer-provided health plans or who do not qualify for government-provided plans, offered through a marketplace, and purchased by individuals for themselves and their families.
Which is the largest health care program in the United States?(1 point) Responses The ACA The ACA Medicaid Medicaid Medicare Medicare DOD TRICARE
Medicare
The correct answer is:
A policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event.
To arrive at this answer, we can examine each option and determine which one accurately describes insurance.
Option A: "A policy purchased from a company that provides financial protection against financial loss or harm caused by a possible event" - This accurately defines insurance and is the correct answer.
Option B: "A program that manages risk by avoiding it" - While insurance can be a part of risk management, it does not solely manage risk by avoiding it.
Option C: "A risk control strategy that encourages taking action to reduce the likelihood of a loss occurring" - While risk control strategies can be part of insurance, this definition does not capture the full essence of insurance.
Option D: "An agreement between two individuals to protect each other against negative events" - This definition does not encompass the broader concept of insurance, which is typically a policy purchased from a company rather than an agreement between individuals.