Question

What is the name given to the small amount that the insured employee is responsible for paying when he or she visits a physician or a dentist?

a) Premium
b) Deductible
c) Copayment
d) Coinsurance

Answer 1

A small amount that the insured employee is responsible for paying when visiting a physician or a dentist is called a copayment.

Step-by-step explanation:

A small amount that the insured employee is responsible for paying when visiting a physician or a dentist is called a copayment. A copayment is a flat fee that an insurance policy-holder must pay before receiving services. It is different from a deductible, which is the maximum amount that the policyholder must pay out-of-pocket before the insurance company pays the rest of the bill. Coinsurance, on the other hand, requires the policyholder to pay a certain percentage of costs.