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06 Oct 2018, 15:38
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anilnandyala
THE INSURED is the person covered by the insurance.
Plan A:
If $1000 is LESS than 50% of the cost level, then THE INSURED pays $1000, and PLAN A pays the remainder.
If $1000 is MORE than 50% of the cost level, then THE INSURED pays 50% of the cost level, and PLAN A pays the remainder.
Plan B:
THE INSURED pays the first $300.
PLAN B pays 80% of the remainder.
We can PLUG IN THAN ANSWERS.
When the correct answer is plugged in, the amount paid by Plan A will be equal to that paid by Plan B.
B: 1000
Plan A:
Since 0.5(1000) = 500 -- which is LESS than $1000 -- the insured pays $500.
The remainder is paid by Plan A:
1000-500 = 500.
Plan B:
Amount paid by the insured = 300.
80% of the remainder is paid by Plan B:
0.8(700) = 560.
In this case, the amount paid by Plan A is LESS than that paid by Plan B.
Eliminate B.
D: 5300
Plan A:
Since 0.5(5300) = 2650 -- which is greater than $1000 -- the insured pays $1000.
The remainder is paid by Plan A:
5300-1000 = 4300.
Plan B:
Amount paid by the insured = 300.
80% of the remainder is paid by Plan B:
0.8(5000) = 4000.
In this case, the amount paid by Plan A is GREATER than that paid by Plan B.
Eliminate D.
When the cost level = 1000, the amount paid by Plan A is LESS than that paid by Plan B.
When the cost level = 5300, the amount paid by Plan A is GREATER than that paid by Plan B.
Implication:
For the two amounts to be EQUAL, the cost level must be BETWEEN 1000 AND 5300.
C: 3800
Plan A:
Since 0.5(3800) = 1900 -- which is greater than $1000 -- the insured pays $1000.
The remainder is paid by Plan A:
3800-1000 = 2800.
Plan B:
Amount paid by the insured = 300.
80% of the remainder is paid by Plan B:
0.8(3500) = 2800.
Success!
Here, the amount paid by each plan is the same: $2800.
25 Oct 2020, 23:12
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Plan A: insured has to pay $1,000 or 50$(Cost) ---- whichever is lower
Insurer PAYS OUT the Rest
Plan B: insured has to pay $300 and then 20% of Any Cost ABOVE $300
Insurer PAYS OUT = 80% * (Cost = $300)
-C- if the Cost Level = $3,800
Plan A: will make the insured pay $1,000 because it is less than 50%*($3,800)
Plan A will PAY OUT = 3,800 - 1,000 = $2,800
Plan B: will PAY OUT --- 80% * (3,800 - 300) = .8 * (3,500) = $2,800
-C- when the Cost Level = $3,800, Both Insurance Plans will PAY OUT to the insured the same amount = $2,800
Insurer PAYS OUT the Rest
Plan B: insured has to pay $300 and then 20% of Any Cost ABOVE $300
Insurer PAYS OUT = 80% * (Cost = $300)
-C- if the Cost Level = $3,800
Plan A: will make the insured pay $1,000 because it is less than 50%*($3,800)
Plan A will PAY OUT = 3,800 - 1,000 = $2,800
Plan B: will PAY OUT --- 80% * (3,800 - 300) = .8 * (3,500) = $2,800
-C- when the Cost Level = $3,800, Both Insurance Plans will PAY OUT to the insured the same amount = $2,800
14 Mar 2021, 04:53
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BrentGMATPrepNow
BrentGMATPrepNow when you say "20% of anything over $300." doesnt it mean if for example item costs 400 this--> 20% of 400
0r this 20% of item costing 300+
30 Jul 2022, 21:35
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GMATinsight
Hi, I don't really under stand the plan B equation that you formulate. 300+0.2(C-300) << what I understand is 0.2 here is what the insurance company is paying, but the for the insured would pay 80% (0.8)?
So, should't it be 300+(80/100)*(C-300) if the case is "What Insured pay is"
Thanks.
