Final answer:
A Premium is a monthly payment to purchase and continue insurance coverage. A copay is how much money you must pay before your insurance begins to pay for medical services. A deductible is a flat fee you must pay every time you see the doctor and coinsurance is a percentage you must pay in addition to other fees. Option 2
Step-by-step explanation:
Many insurance policies include premiums, deductibles, copayments, and coinsurance, which are terms that describe the different costs associated with an insurance policy:
Premium - A monthly payment to purchase and continue insurance coverage.
Deductible - The amount of money you must pay out-of-pocket before your insurance company begins to pay for covered medical services.
Copay (copayment) - A flat fee you must pay every time you receive a service, such as visiting the doctor or filling a prescription.
Coinsurance - A percentage of the cost of covered services that you must pay in addition to other fees.
Using these definitions, the correct fill-in-the-blank response to the student's question is:
Data Option: Premium
Data Option: Deductible
Data Option: Copay
Data Option: Coinsurance
Therefore, the correct sentence would be: A premium is a monthly payment to purchase and continue insurance coverage.
A deductible is how much money you must pay before your insurance begins to pay for medical services. A copay is a flat fee you must pay every time you see the doctor, and coinsurance is a percentage you must pay in addition to other fees. Option 2