marks c. Luke is insured under an individual major medical insurance policy with a lifetime limit of S1 million. His major medical insurance policy includes a calendar-year deductible of $5,000, and an 85-15 percent coinsurance provision. Last week, Luke was hospitalized for a surgical procedure to remove a bump oh his foot. Assuming that this hospitalization was the first medical care that Luke received during the year and that all of the hospital/medical expenses were eligible for coverage under the policy. i. If the covered medical expenses were $38,000, how much will Luke's medical insurance policy pay? How much will Luke be required to pay? Show all your calculations. 4 marks ii. What purposes does a co-insurance clause serve in a major medical insurance policy? 3 marks