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

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:

In insurance, a premium is the amount a policy - holder pays regularly (monthly in this case) to maintain the insurance coverage. The $75 Nelson pays each month is for keeping his car insurance plan active. 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 (like the $500 for repairs here). A payout is the amount the insurance company pays to the insured.

Answer:

premium