A deductible is the
A. amount of covered expense that an individual will have to pay before the insurance company pays anything.
B. percentage of a covered expense that an individual will have to pay.
C. amount of covered expense that an insurance company will have to pay before the individual pays anything.
D. percentage of a covered expense that an insurance company will have to pay.
Answer: A
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If protective import-restricting quota are imposed by a country, in the majority of cases that nation's consumers end up
A) paying a lower price for the good than they otherwise would. B) consuming more of the good than they otherwise would. C) having more consumption choices than they otherwise would. D) consuming less of the good than they otherwise would.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher