Your health insurance plan has a deductible of $1500. You pay a monthly premium of $250. You have already paid $2000 for your earlier medical expenses in January 2020. You broke your arm in an accident on February 29, 2020. The hospital bill is $500. Your outpatient hospital co-insurance is 30%. You did not go to any other doctor or visit the hospital or ED in February 2020. How much is your total out-of-pocket medical expenses for February 2020?

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?