Jeff has to pay his car insurance annually. If his total bill is $744, how much money should he set aside each month for car insurance? Round to the nearest dollar.

FINANCIAL MANAGEMENT

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	$62
B	$124
C	$186
D	$372

Explanation:

Detailed explanation-1: -His total bill is $744. He needs to save some amount each month to pay for his car insurance. So Jeff needs to save $62 each month to pay for his car insurance.

Detailed explanation-2: -Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)] This component of your car insurance premium goes beyond your car, and safeguards you, not only against accidents, but mishaps leading to a disability.

Detailed explanation-3: -As per industry experts, there is no restriction to the number of claims you can file under your car insurance policy in a year. In cases of frequent damage to your vehicle due to accidents, you can file as many claims as you want.

There is 1 question to complete.

BUISENESS MANAGEMENT

FINANCIAL MANAGEMENT