The Policy Environment in Massachusetts Included Progressive Insurance Market Regulations

question 8

Multiple Choice

The policy environment in Massachusetts included progressive insurance market regulations in place prior to the 2006 reform, including ____.

• A)modified community rating that restricted variation based on age, region, and gender
• B)encouragement of high deductible plans to reduce individual costs
• C)an array of limited benefit plans to meet individual needs
• D)individualized rating based on age, region, and gender

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Definitions:

Cost

The amount of money required to purchase something or the expenditure incurred on the production of a good or service.

New Balance

The amount remaining in an account after all debits and credits have been accounted for during a specified period.

Mark-up

An increase in the original price of items meant to compensate for overhead expenditures and ensure profit.

Selling Price

The amount of money for which a product or service is sold to the consumer.