The Amount Individuals Need to Pay Out-Of-Pocket Before Being Eligible

question 4

Multiple Choice

The amount individuals need to pay out-of-pocket before being eligible for insurance coverage is known as the:

• A) deductible.
• B) copayment.
• C) cap.
• D) premium.

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Definitions:

Unbiased Coin

A term used to describe a fair coin in which each toss is equally likely to come up heads or tails.

Speed Limits

Legal restrictions on the maximum speed at which vehicles may travel on a road.

Binomial Experiment

A statistical experiment that satisfies four conditions: a fixed number of trials, only two possible outcomes, independence of trials, and a constant probability of success.

Independent Trials

Experiments or trials in which the outcome of one trial does not affect the outcome of any other trials.