replacement cost - answer✔replacing item at market prices
Valued Policy - answer✔policy that assign value to each insure item
Deductibles - answer✔set amount
deductibles percentage - answer✔pay percentage value
deductible franchise - answer✔insurer pays nothing, above 100%, policy kicks in loss exceeds
below
co insurance - answer✔80% property value insured purchase
co insurance penalty - answer✔less 80% only cover percentage of loss
co insurance apply, calculating - answer✔value of home, minimum amount, actual coverage,
actual coverage divided co insurance require, apply penalty to partial losses
Health insurance contract - answer✔evidence of coverage
co insurance payment - answer✔percentage of pay
out of pocket - answer✔deductibles-$500, co pay-$25, co insurance-%
capitation - answer✔pay up front for treatment
Group health insurance - answer✔HMO-PPO
lower insurance for employee and employers
cover regardless of health
reduce policy waiting period
2 ways- comprehensive or catastrophic insurance - answer✔from insurance companies
purchase through HMO, PPO, POS
POS - answer✔Point of Service, combine HMO and PPO
drawbacks - answer✔expensive, deny coverage, pre existing conditions, no longer deny,
affordable care act
PPO advantages - answer✔low cost
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