Final answer:
The payment from an insurance policy for covered services is known as a benefit, which is given after a policyholder meets their deductible, copayments, or coinsurance obligations.
Step-by-step explanation:
The sum of money provided in an insurance policy, payable for covered services, is called a benefit. This benefit is what the policyholder receives after paying any required deductibles, copayments, or coinsurance. To clarify, a premium is the amount you pay for the insurance coverage itself, typically on a monthly basis. A copayment is a fixed amount paid at the time of service. A deductible is the amount you pay out-of-pocket before the insurance starts to cover costs. Lastly, coinsurance is a shared cost between the policyholder and the insurance company, usually represented by a percentage.
The sum of money provided in an insurance policy, payable for covered services, is called Benefit. When a person has an insurance policy and needs to receive medical services, the insurance company will pay the benefit for the covered services, such as doctor's visits, hospital stays, or prescription medications.
The correct option is b) Copayment