Question

DYLITICI Read Chapter 3 and answer the following questions with well thought out responses. No one sentence answers. Each response should be at least 4 sentences. 1. What is risk of loss? How does insurance address this problem? 2. Provide a profile of insurance coverage for Americans. 3. Define the following terms: policy, deductible, coinsurance, premium, claim. 4. Define self-insured plan, HMO, PPO, EPO. 5. Who licenses insurance companies? apter 3 Glossary APTER 3 EXAM. OPEN BOOK.

Answer 1

1. Risk of loss is a term used in the law of contracts to determine which party should bear the burden of risk for damage occurring to goods after the sale has been completed, but before delivery has occurred.

Insurance loss control is a form of risk management that reduces the potential for losses in an insurance policy. ... Insurance companies may require policyholders to complete loss control programs to cut down on risk and reduce the chances of claims. Loss control programs benefit both policyholders and insurers

2. Health insurance offers a way to reduce such costs to more reasonable, affordable amounts. The way it typically works is that the consumer pays an up front premium to a health insurance company and that payment allows you to share "risk" with lots of other people who are making similar payments.

The percentage of people with health insurance coverage for all or part of 2018 was 91.5 percent.

3. Definitions :-

Policy -  A plan or course of action, as of a government, political party, or business, intended to influence and determine decisions, actions, and other matters.

Deductible - Money you must pay by yourself for health services before your health insurance plan begins to pay for costs (in a calendar year).

Coinsurance - a mechanism where the insurer agrees to give the insured a reduced rate IF the insurance carries a specific percentage of insurance to value of the property.

Premium - is the amount paid to an insurance agency for a health insurance policy

Claim - state or assert that something is the case, typically without providing evidence or proof.

4) Self insurance plan - is an account to pay all employee health insurance claims costs with a top off reinsurance policy to pay

HMO - An organization that provides its members with basic healthcare services for a fixed price and for a given time period

PPO - allows the covered individual to choose providers for medical service that are within or outside of the PPO network

EPO - Exclusive Provider Organization (EPO) . A type of managed health care organization in which no coverage is typically provided for services received outside the EPO.