BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -copay, the former is the amount that you need to pay before the insurer begins paying the claim amount; however, copay means, every time you raise a claim, a certain percentage has to be paid by you.

Detailed explanation-2: -Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.

Detailed explanation-3: -A deductible is the amount you pay for health care services before your health insurance begins to pay. How it works: If your plan’s deductible is $1, 500, you’ll pay 100 percent of eligible health care expenses until the bills total $1, 500. After that, you share the cost with your plan by paying coinsurance.

Detailed explanation-4: -Deductible in health insurance is the amount that the insured is required to pay before the insurance company starts offering the coverage benefits in case of a claim. This means that the insurance company is required to pay the claim amount only if it exceeds the deductible amount.

Detailed explanation-5: -Note that with auto insurance or a homeowners policy, the deductible applies each time you file a claim.