Identify and Describe the Three Major Ways to Modify Existing

question 18

Essay

Identify and describe the three major ways to modify existing products, and give an example of each.

---

Definitions:

Joint Funding

Joint funding refers to the collaborative financial support provided by multiple organizations or sectors towards a common project or initiative.

Effective Date

The date when an agreement, policy, or contract becomes legally enforceable.

Insurance Policy

A contract between an insurer and a policyholder that provides compensation for specified losses in exchange for premiums paid.

Capitation

The health care provider is paid a fixed amount per member per month for each patient who is a member of a particular insurance organization regardless of whether services were provided.