Question
In: Economics
In a small island population, half the people are healthy and half are sick. The annual...
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In a small island population, half the people are healthy and half are sick. The annual expected medical claims of the healthy and sick are $200 and $4,000, respectively. Assume that the health insurance company does not know whether people are healthy or sick before they buy insurance. If the health insurance company charges an annual premium of $2,100 (the average expected claim), only the _____ will buy insurance, driving future premiums _____. A.sick; down B.sick; up C.healthy; down D.healthy; up |
Solutions
Expert Solution
As the premiums are very high from the medical claim that the healthy can claim they will not pay for the premiums and only the sick will buy the insurance, it will drive future payments UP.
The answer is "B".
Rahul Sunny answered 2 years agoRelated Solutions
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