You have an insurance policy with a $300 premium and a $500 deductible. how much should you expect to pay the insurance company each month for coverage? everfli module 7

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07-10-2016
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You have an insurance policy with a $300 premium and a $500 deductible. how much should you expect to pay the insurance company each month for coverage? everfli module 7

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W0lf93 W0lf93 · Answer 1 · 2017-08-11T00:58:26+02:00

$300 is the correct answer. The premium is the amount that you pay to an insurance company every month for them to provide you with insurance. The deductible, on the other hand, is the amount that the person paying for the insurance has to pay when they make a claim if they want the insurance company to pay out. Having a deductible makes premiums lower as it reduces the chance of people making smaller claims, and therefore reduces the insurance company's spending.

soneyedesola44 soneyedesola44 · Answer 2 · 2020-02-07T10:55:21+01:00

The amount you are expected to pay your insurance company each month for coverage is $300

The premium is the amount of money that you must pay for insurance coverage. However, if you fail to pay your premium monthly, the insurance company or the insurer may cancel the policy.

Further Explanation

If you register for an insurance policy, you will have to pay premiums to the insurance company. The premiums represent the amount you must pay for the coverage and as a policyholder, you can decide to select from various options as to how you intend to pay your monthly premium.

Depending on the insurance company, you may be allowed to pay the premium monthly or semi-annually. Some insurers also take some percentage of the total payment before they commence coverage.

However, the deductible is the money a policyholder must pay when they file an insurance claim (when you suffered some loss) before the insurer starts coverage and they issue out payment. In other words, it is the amount a person must pay for his or her coverage before the insurance company starts to pay.

Therefore, the amount you are expected to pay your insurance company each month for coverage is $300

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