after he bought a new car, nelson purchased car insurance. he must pay $75 each month for the plan. later…
after he bought a new car, nelson purchased car insurance. he must pay $75 each month for the plan. later that month, nelson caused a car accident when he lost control of his vehicle. he was required to pay the first $500 of his repair costs, and then the insurance company covered the rest. read the passage about nelsons car insurance. what is the $75 payment nelson must make each month? premium co - payment deductible payout
Answer
Brief Explanations:
A premium is the amount an insured person pays regularly (in this case monthly) to maintain an insurance plan. A co - payment is a fixed amount paid by the insured at the time of service. A deductible is the amount the insured pays out - of - pocket before the insurance company starts covering costs. A payout is the amount the insurance company pays to the insured. The $75 monthly payment is the premium.
Answer:
premium