Question

Insurance that is meant to offset medical expenses resulting from a catastrophic illness is called____________?

1) Primary insurance
2) Major medical
3) Whole life policy
4) Comprehensive

Answer 1

Major medical insurance is intended to offset the costs associated with catastrophic illness or injury, offering financial aid beyond regular healthcare expenses.

Step-by-step explanation:

Insurance designed to provide coverage for extensive medical bills due to severe illness or injury is known as major medical insurance. This type of insurance is specifically set up to help mitigate the financial burden of extraordinary healthcare expenses which are beyond regular treatment and care. Commonly, individuals pay regular premiums to an insurance company, which in turn collects these into a pool; when a member of the insured group experiences a catastrophic health event, the insurance provides payments to help cover those high costs.