With a comparative negligence rule (where responsibility for damages is split between the injurer and the victim), both the injurer and victim will take less than the optimal level of care because the expected damages to be paid are less than the expected harm. O True O False Moving to another question will save this response. Question 2 of 20
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- Why is there asymmetric information in the labor market? What signals can an employer look for that might indicate file traits they are seeking in a new employee?With a contributory negligence rule, the injurer has an incentive to take less than the optimal level of precaution because the cost of the harm is shared by the victim proportional to his or her level of responsibility for the accident. O True O False Moving to another question will save this response. Question 4 of 20 >>>A producer collects he initial premium for a healih policy and gives he applicant a conditional receipt. In lhis situation lhe policy becomes effective at which of the following limes? A.When he premium is received in lhe insurance company's home office B.When the policy is delivered C.When the conditions of the receipt are met D.When the premium check clears the bank
- "If the legal standard of care in a negligence rule is necessarily vague, the court should set it below the level of efficient precaution." Explain the economic argument in favor of this proposition.Question 19 An award of punitive damages will encourage the efficient level of precaution when O the injurers behavior is egregious O the courts, on average, fail to award damages for the full amount of harm caused O jurors exercise hindsight bias there is a no liability rule12. True or False? Medicaid is a U.S. federal- and state- government-sponsored insurance program that provides insurance to people under age 65 whose incomes fall below a certain threshold (level). O True O False
- Insurance buyers have more information about whether they are high-risk or low-risk than the insurance company does. This creates an asymmetric information problem for the insurance company because buyers who are high-risk tend to want to buy more insurance, without letting the insurance company know about their higher risk. How might this problem impact an insurance company? F T O The company will not be impacted. O The insurance buyers, not the company, will be impacted. As high risk buyers submit claims, they will use up the company's funds for that year, and since the company did not adjust for these high risk claims, once that money is used up, remaining claimants won't receive any coverage. The company will be faced with heavy losses. The insurance company may decide not to sell insurance in this market at all or otherwise choose not to sell insurance to those they can identify as high risk. 106 # C 4 $ JUL 21 tv♫♬ % MacBook Pro Search or type URL + W D P N ⒸMoving to another question will save this response. Question 8 High litigation costs for the Plaintiff (Victim) and Defendant (Injurer) O A. encourage too little precaution because the Injurers know that the litigation costs will discourage Victims from suing B. encourage too much precaution because the Injurers wish to avoid the high costs of litigation OC. either A or B could be correct OD. None of the above are correct Qu 2 poiSerena's boss tells her, in confidence, that Jade will be laid off when the company announces a round of job cuts next week. Afterwards, Jade asks Serena if there is any truth to the rumor of impending job cuts and if she knows anything about her status. What is Serena's ethical challenge? c. Honesty versus integrity b. Loyalty versus truth a. Conflict of interest Od. Serena faces no ethical challenge
- The primary purpose of he Coordinalion of Benefits provision found in most group Major Medical policies is to perform which of the following funclions? A.Providing coverage for insureds who are leaving heir employment B.Preventing a claimant from profiting from an injury or sickness C.Allowing an insured to receive bolh Disability Income benefits and Medical Expense benefits if entilled o both D.Permitting an insurance company to pay benefits direclly to providers of medical servicesA consumer’s demand for a medical service is as follows: Q = 100 – P, where P is theout-of-pocket price she actually faces. Assume this medical service has a market price of $70.This consumer is considering four different insurance options: no insurance, full insurance, a 50% coinsurance plan, and a copayment plan with a $25 co-pay Calculate the deadweight loss under each insurance scheme and show iton each graph. What do you observe?LIVING IN SPAINJackie moved to Spain to work for a public relations firm. She had health insurance from herprevious employer, but she was surprised to learn that her new employer in Spain did notoffer healthcare coverage. When she asked about this, she was told that more than 90percent of Spaniards use the public healthcare system, which was mostly free. However,her new employer did provide supplementary private health insurance that would allow herto receive quicker care from a private hospital if she desired.Jackie learned that she would be paying 4.7 percent of her salary and her employerwould pay 23.6 percent of her salary to the government for health insurance. She was given a Tarjeta Sanitaria Individual health card to prove that she had health insurance. With this,she could get free care at public hospitals and doctors’ offices. However, before seeing adoctor, she would need to register with a local primary care physician and decide whethershe would use public or private…