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Question 6 19 Marks Generally, patients who are well-informed about their conditions and treatment options are more likely to take an active role in managing their own care. 6.1 Explain the term "adverse selection' with an aid of an example and explain why it is a problem. (5 Marks) 6.2 When private companies offer health insurance to their employees the insurance carrier they contract with typically requires that all employees be obligated to participate and pay premiums whether they wish to or not. What problem is the health insurance company trying to avoid? How does this policy mitigate this problem? (5 Marks) 6.3 Explain the adverse selection problem that is faced by health insurance companies when offering individual health insurance policies. What method do health insurance companies employ to combat the problem? (5 Marks) 6.4 In cases where a life insurance policy owner is not the same person as the insured, insurance companies often require that such purchases be for those with an "insurable interest". For life insurance policies, close family members and business partners will usually be found to meet this test. In this case the purchaser is demonstrating that they would suffer an economic loss if the insured were to die. What economic argument could be made for why insurance companies would make such a restriction when it seems there might be a market for life insurance to people who wish to ensure others for whom there is not such "insurable interest"? (4 Marks) [Sub Total 19 Marks]