How can a high deductible affect your insurance premium?a) It increases the premium b) It decreases the premium c) It has no effect on the premium d) It guarantees full coverage without any payment

What is the disadvantage of having a higher deductible?A higher deductible will lower your premium cost.The insurance company will have to pay more toward the insured loss.A higher deductible will make the cost of the repair to your vehicle cheaper. You will have to pay that amount out-of-pocket before the insurance company covers the repairs.

xplain the difference between a premium and a deductible.

In the event of an insurance claim, if you are willing to pay a $1,000 deductible instead of $500 deductible you will pay a higher premium each month for your insurance. True False

What is an insurance deductible? Question 1 options: the money paid by the insured before the insurance company begins to pay the monthly price one pays for an insurance policy the amount that is regularly deducted (taken out of) from one's paycheck to pay for insurance a decrease in the amount of insurance coverage one has

The deductible on an insurance policy refers to:A.the number of different types of insurance a policy can provide.B.the total value of an insurance policy minus its cost to the consumer.C.the money a person pays before his or her insurance covers expenses.D.the monthly fee a person pays after using insurance for the first time.