Misrepresenting an insurance policy as Medicare is illegal due to fraudulence and deception.
This practice is illegal. Misrepresenting an insurance policy as Medicare when it is not is fraudulent and deceptive. It is important for applicants to be provided with accurate information about the policies they are purchasing.
Moral hazard: A situation where one party takes risks knowing that they are protected from the consequences, such as in insurance markets.
Actuarially fair insurance policy: Premiums paid equal the average benefits received, ensuring fairness and sustainability.
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