The First Step in Making an Ethical Decision Is to Understand

question 5

True/False

The first step in making an ethical decision is to understand the problem.

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Definitions:

Cash-Surrender Value

The amount an insurance policyholder receives upon cancellation of a contract before its maturity or an insured event occurs.

Moral Hazard

The situation in which one party is more likely to take risks because another party bears the cost of those risks.

Deductibles

The amount an insured person is required to pay out of pocket before an insurance company covers any expenses.

Co-Payments

Fixed amounts that an insured person is required to pay at the time of receiving medical service, with the balance covered by their health insurance.