ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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true
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false
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Either A or B
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None of the above
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Detailed explanation-1: -Deductibles is a fixed sum of money that policyholders are required to pay before their insurance policy starts contributing to their medical treatment.
Detailed explanation-2: -The deductible is the amount of money you have to pay on your own every year for your covered medical expenses before your insurance company starts picking up the bills.
Detailed explanation-3: -Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk.
Detailed explanation-4: -A deductible is that portion of any claim, which is not covered by the insurance company, which the insured has to compulsorily pay out of his pocket at the time of claim settlement.
Detailed explanation-5: -Dual insurance – having two or more policies with overlapping coverage of a risk (both the individual policies would not pay separately – under a concept named contribution, they would contribute together to make up the policyholder’s losses.