Amedical expense policy that establishes the amount of benefit paid based upon the prevailing charges which fall within the standard range of fees normally charged for a specific procedure by a doctor of similar training and experience in that geographic area is known as

Usual, customary and reasonable.

Explanation:

Medical expense policies basically covers all the expenses of the hospital. It covers the doctor visits while the patient is in hospital, usually all the expenditure included in the diagnosis of X-ray, per day doctor visit fees, laboratory charges, nursing expenses, ambulance fees, maternity benefits. These policies do not cover the dental and vision care.

On the basis of the above description, the medical expense policy is known as usual, customary and reasonable.

explanation:

daily refers to frequency, like weekly or monthly. take this medicine twice daily, once in the morning and again at bedtime. on a daily basis there refers to everyday life, to one's normal or usual behavior, activity, routine, or schedule, to the quotidien.