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25 May, 23:53

Suppose a person has a health insurance policy with a $500 calendar-year deductible, a $2,000 out-of-pocket cap, and an 80% coinsurance provision. If this person suffers a $600 covered loss, how much will the insurance company pay? (Assume no previous losses have occurred.)

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  1. 26 May, 01:24
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    The insurance company will pay for $80

    Explanation:

    $600 covered loss - $500 deductible = $100

    The coinsurance will apply to $80 of the remaining $100 (100 x 80%)

    The insurance company will pay for $80
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