Copayment. Nareem's hospital stay cost $7,575 and his insurance requires a copayment of $500. Nareem has already fully met his deductible for the year. How much will his insurance pay for his hospital bill?Nareem's insurance will pay $. (Round to the nearest dollar.)

Hospital stay cost = $7,575Copayment = $500

Answered: Nareem's insurance will pay (Round to…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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A patient believes that they face two possible states of health in the coming year, poor health with a probability of 20%, in which the anticipated yearly costs will be $10,000. There’s the state of good health, with a probability of 80% which will cost them $5,000. Let’s say the insurance policy offered to this patient costs $7,500 for the year. Is this policy actuarially fair? Why or why not? What is the policy’s loading factor?
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Nareem's insurance will pay (Round to the nearest dollar.)