What is a 'loading charge' in health insurance? Option: Bonus for long-term policyholders, Penalty for late premium payment, Discount for healthy lifestyle, Additional fee for pre-existing conditions

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What is a 'loading charge' in health insurance?

Bonus for long-term policyholders

Penalty for late premium payment

Discount for healthy lifestyle

Additional fee for pre-existing conditions

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In the context of liability health insurance, what is a deductible?

The amount paid out of pocket before insurance coverage kicks in

The maximum amount the insurance company will pay

The monthly payment to maintain the policy

A list of situations not covered by the policy

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What is the primary reason insurance companies impose waiting periods for certain illnesses?

"To protect themselves from customers who purchase policies after being diagnosed with a condition"

"To ensure customers have a genuine need for insurance"

"To increase profits by delaying claim payouts"

"To encourage customers to adopt healthier lifestyles

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Why do insurance companies implement co-payment clauses in their policies?

"To simplify the claims process for both the insurer and the insured"

"To encourage policyholders to be more cost-conscious about their healthcare choices"

"To offer more affordable premium options to customers"

"To increase the overall profitability of the insurance company"

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What is a potential drawback of agreeing to a co-payment clause in a health insurance policy?

"It complicates the process of filing insurance claims"

"It often results in higher premium costs in the long run"

"It may limit the choice of hospitals and doctors available to the insured"

"It can lead to significant out-of-pocket expenses during medical emergencies"

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What is a common incentive offered by insurance companies to encourage healthy lifestyles?

"Free health checkups

"Discounts on gym memberships

"Premium discounts for meeting fitness goals tracked through apps

"Cash rewards for weight loss