Solved: Costs of insurance, Costs of insurance. If patient X believes he might have health care , Microeconomics

Costs of insurance

Assignment:

Question 1: Costs of insurance. If patient X believes he might have health care costs of $20,000 with a probablility of 0.25 or $10,000 with a probablility of 0.75 what is the actuarilly fair premium that covers costs for X?

Question 2: Pt X buys an insurance with a $500 deductible and 20% coinsurance rate. If pt X has expenses of $4,000 how much will the reimbursement be?

Please assist by showing how to solve these two problems.

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Microeconomics: Costs of insurance

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Costs of insurance

Reference No:- TGS01745625

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Costs of insurance

Reference No:- TGS01745625

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