What Is An Insurance Deductible Quizlet Budget Challenge

Coinsurance usually splits the costs with the policyholder 80 20 percent.

What is an insurance deductible quizlet budget challenge. Think of it this way itâ s like a relay race. Deductible amount of money the individual pays for the unexpected event before insurance or warranty will pay any money. William s car looks and drives fine and he chooses not to file a claim to repair his car. A deductible is what you pay out of pocket toward a covered claim.

William caused a minor accident that resulted in 800 of damages to his car and 1 100 of damages to the other car. Premium amount of money an individual pays to have insurance coverage. Copay plans may make it easier for insurance holders to budget their out of pocket costs because it is a fixed amount. Watch our video and read about what s new with budget challenge this school year.

William caused a minor accident that resulted in 700 of damages to his car and 1 100 of damages to the other car. Claim formal request for payment based on an insurance policy. Budget challenge is an online 10 week personal finance simulation with full curriculum and assessments. You run the first leg that s your deductible â and your insurance company finishes the race for you up to your coverage limit.

William pays his 500 premium every 6 months for automobile insurance with collision coverage. What is an insurance deductible. An insurance company and an individual. William pays 300 every 6 months for automobile insurance and his deductible is 750.

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