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Health insurance is considered to be a special type of nonlife insurance with two important features. First, compared with property insurance, health insurance provides valuable hedge against unpredictable shocks to health status, instead of loss on property. Therefore, a modified utility function that describes the trade-off between health and wealth should be applied in optimal indemnity design. Second, in the case that the insured is severely or critically ill, with necessary medicaldoi:10.1155/2020/2658213 fatcat:nkx24qkkkrck5b646edjqbyab4