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.

---

Definitions:

Proportionately Faster

Implies a rate of increase or growth that exceeds another in relative terms, not just in absolute numbers.

Income of Consumers

Refers to the total earnings received by individuals or households, including wages, salaries, benefits, and returns from investments.

Demand for a Product

Refers to the quantity of a product or service that consumers are willing and able to purchase at various prices during a given period of time.

Price of a Product

The amount of money required to purchase a specific good or service, determined by various factors including demand, supply, and production costs.