In a situation where Wayne incurs a $2,000 medical bill, and if his health policy has a $1,000 deductible and an 80/20 coinsurance percentage, the insurer will pay an amount of $800. Therefore, the option C holds true.
<h3>What is the significance of coinsurance?</h3>
A coinsurance can be referred to or considered as the system of insurance in which the insurer pays a predetermined proportion of losses or repairs incurred against the happening of an insured event.
In the above situation, the policy has an 80/20 coinsurance terms, then as per these terms out of the $1000 deductible in the health policy, an amount up to 80%, i.e., $800 will be paid by the insurer Wayne.
Therefore, the option C holds true and states regarding the significance of a coinsurance.
Learn more about a coinsurance here:
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The question seems to be incomplete. It has been added below for better reference.
Wayne incurs a $2,000 medical bill. If his health policy has a $1,000 deductible and an 80/20 coinsurance percentage, how much will the insurer pay?
a) $1,000
b) $1,200
c) $800
d) $1,800
