Determine Whether the Following Statements Are Cases of Insurance (A)

question 24

Multiple Choice

Determine whether the following statements are cases of insurance (a) abuse or (b) fraud. You may use the two choices as many times as needed.

-Failure to make a refund when services are not reasonable or necessary.

• A)Abuse
• B)Fraud

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Definitions:

Hired Workers

Individuals employed to perform services or labor for compensation under the direction of an employer.

Derived Demand

Demand for a product or service that results from the demand for another good or service, like the demand for steel driven by demand for cars.

Demand for Labor

The demand for labor reflects the amount of labor employers are willing to hire at a given wage rate, influenced by economic conditions and productivity.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that no one can be effectively excluded from use and where use by one individual does not reduce availability to others.