A Policy That Covers a Number of People Under a Single

question 19

Multiple Choice

A policy that covers a number of people under a single master contract issued to the employer or to an association with which they are affiliated and that is not self-funded is usually called

• A) group policy.
• B) individual policy.
• C) a government plan.
• D) a self-insured plan.

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Definitions:

Production Function

An economic model that describes how output is created by varying inputs of production like labor and capital.

Technological Knowledge

Society’s understanding of the best ways to produce goods and services.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value.

Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other variables remain constant.