If you cause a car accident, which type of insurance will require you to pay the least out of pocket? High deductible plan Low deductible plan Either A or B Neither A nor B
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answer is high deductible plan
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Answer is option (B) Low deductible plan.
More details on the topic:
Deductible is the money one has to pay out of his pocket for the expenses in prior to the commencement of the coverage from the insurance company.
Low deductible plan:
- It includes higher premium payments.
- Insurance company will pay more towards the claim and less money is expected from one' own pocket.
High deductible plan:
- It includes lower premium payments.
- At the time of claim, the person insured has to pa more amount and the coverage from the company will be less.
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