Final answer:
a) Employer-Purchased Insurance. Employer-purchased insurance is when an employer pays monthly premiums for employees' health plan coverage, which can be for the employee alone or for their families as well.
Step-by-step explanation:
When an employer purchases insurance and pays a premium monthly for employees, covering their claims, this is typically referred to as Employer-Purchased Insurance. This insurance is part of employment-based insurance, which provides health plan coverage that an employer or union offers. It may include just the employee or can extend to cover the employee's family. Employers pay these premiums to a private insurance company, which in turn manages the funds, pays out claims, and covers operational costs associated with managing the insurance plans. Examples of such employer-provided insurance include workman's compensation insurance, which is a legal requirement, and pension insurance, with employers contributing to the Pension Benefit Guarantee Corporation.