Distinguish among$$ premiums, deductibles, and$$ co$-$payments as costs of insurance policies. Then list a few factors you should consider when evaluating the benefits of an insurance policy.

Question content area bottom

Part $1$

Distinguish among$$ premiums, deductibles, and$$ co$-$payments as costs of insurance policies.

A

$$

premium

deductible

co$-$payment

is the amount you pay to purchase the policy.

A

$$

deductible

premium

co$-$payment

is the amount you are personally responsible for before the insurance company will pay anything.

A

$$

co$-$payment

premium

deductible

usually applies to health insurance and is the amount you pay each time you use a particular service.