ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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have to pay a quarterly premium of $250.
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have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company.
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only receive payment from the insurance company of $250 for any single article damaged.
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not be responsible for the first $250 of the claimed damages.
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Detailed explanation-1: -A person buys a homeowner’s insurance policy with a $250 deductible, which means the person will: Have to pay the first $250 which will be deducted from the claim settlement paid by the insurance company. Richard’s auto insurance policy expired on 5/15/2002.
Detailed explanation-2: -If you have a $250 deductible, you’ll pay $250 to the repair shop and your insurance will pay $750. The biggest part of an auto policy is car liability insurance. Liability pays others when you’re responsible for damage or injuries.
Detailed explanation-3: -Deductible choices typically range from $250 to $2, 000, with $500 representing the most common deductible choice. A lower deductible-such as $250 or $500-will mean higher auto insurance rates. That’s because the lower the deductible, the more your car insurance company will need to pay out if you make a claim.
Detailed explanation-4: -A homeowners insurance (HO-3) policy is a coverage plan that covers your home’s structure, your personal belongings and liability in the event of damage or injury. Typically, an HO-3 policy will also cover additional living expenses and protection for other structures on your property.
Detailed explanation-5: -A health insurance deductible is the amount you pay before your insurance kicks in. For example, if you have a $1000 deductible, and you need a $1000 MRI procedure and a $2000 surgery, you will pay $1000 out-of-pocket for the MRI, and then $0 for the surgery.