Final answer:
When a patient pays [tex]$500 for insurance, it is called the insurance premium, which is the regular payment made to the insurer to maintain health coverage.
Explanation:
When a patient pays $[/tex]500 to receive insurance coverage, this payment is known as the insurance premium. The insurance premium is the amount that a policyholder must pay to a health plan in order to purchase health coverage. It is a regular payment made to the insurer to maintain coverage.
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