1. Answer:
Definition:
Health insurance is a way to pay for health care. It protects you from paying the full costs of medical services when you’re injured or sick.
Health Insurance is a type of insurance that offers medical coverage to the policyholder for medical expenses in case of a health emergency. A health insurance plan chosen by the insured provides coverage for different expenses including surgical, day-care, and critical illness, etc.
2.Answer:
Definition:
Premium is an amount paid periodically to the insurer by the insured for covering his risk. For taking this risk, the insurer charges an amount called the premium.
Determinants of Premium:
- Age.
- Gender.
- Medical History of the Family.
- Smoking and Drinking Habit.
- Health history.
- Current health status.
- Lifestyle.
- Profession.
- Policy tenure and death benefit
- Mode of buying a policy
- Mode of premium payment
- Obesity