Question 4 (a) Describe the major characteristics of the following managed care plans: (i) Health maintenance organizations (HMOs) (ii) Preferred provider organizations (PPOs) (iii)Point-of-service plans (POS) (5 marks) (5 marks) (5 marks) (b) Mike is contemplating on how much life insurance he needs to buy. He expects to receive $60,000 annually for the next 10 years, of which $30,000 is available to support his family annually. Assuming 8 percent interest rate, what is Mike's human life value? (10 marks)