if an insurance claim is submitted for event 2, what is the owners out of pocket cost for the…

if an insurance claim is submitted for event 2, what is the owners out of pocket cost for the repair?\ndeductible: $1000.00\n| |event 1|event 2|\n|--|--|--|\n|description|injury to guest|property damage|\n|repair cost|$20,000.00|$1,800.00|

if an insurance claim is submitted for event 2, what is the owners out of pocket cost for the repair?\ndeductible: $1000.00\n| |event 1|event 2|\n|--|--|--|\n|description|injury to guest|property damage|\n|repair cost|$20,000.00|$1,800.00|

Answer

Explanation:

Step1: Understand deductible concept

The owner pays the deductible amount first.

Step2: Compare repair cost and deductible

Since the repair cost for Event 2 ($1800) is greater than the deductible ($1000), the owner pays the deductible amount.

Answer:

$1000$