Question
What is an ongoing amount paid by an individual to maintain insurance coverage? Select one: Co-insurance Deductible Formulary Premium
Ask by Davey Dawson.
Mar 22,2025 18:40
UpStudy AI Solution
Tutor-Verified Answer
Answer
The ongoing amount paid by an individual to maintain insurance coverage is called a **Premium**.
Solution
Sign in to Unlock Answers for Free!
A Learning Platform Trusted by Millions of Real Students and Teachers.
Unlock Answered by UpStudy AI and reviewed by a Professional Tutor
Like
The Deep Dive
The answer you're looking for is "premium." It's the amount you pay, usually monthly or annually, to keep your insurance active—think of it as the ticket price to the insurance ride, keeping you covered for unexpected bumps along the way!
Want a fun fact? The concept of insurance dates back to ancient civilizations! As early as 3000 BC, Babylonians were known to use a form of insurance for merchants, where traders could pool resources to protect against losses incurred from theft or shipwrecks—talk about being proactive about risks!
Related Questions
Nolwazi wants to buy a new state of the art computer for R35 000 .
She decides to save by depositing an
amount of R500 every month into an account earning \( 11,32 \% \)
interest per year, compounded monthly. How
many years (accurate to one decimal place) will it take Nolwazi to
have R35 000 available?
Draw an appropriate timeline showing all the given values.
Economics
Mar 21, 2025
Question 3
Calculate the accumulated amount after eight years of weekly payments of R1 900 each into an account
earning \( 9,7 \% \) interest per year, compounded weekly.
Draw an appropriate timeline showing all the given values.
Economics
Mar 23, 2025
Jeremiah is a full-time student, earns less than \( \$ 30,000 \) a
year, is earning a degree and is a dependent of his
parents. Can he claim education tax deductions on his
taxes?
Yes, if his expenses are related to his studies and
are necessary
No, since he earns too much money to be able to
qualify for these tax credits
Yes, since he is a full-time student and earning a
degree
No, since he is still a dependent of his parents. They
can claim the credit.
Economics
Mar 20, 2025
Sydney bought cryptocurrency and then converted some
to dollars, sold some, exchanged her Bitcoin for
Ethereum, and used some to buy a plane ticket. Which
actions involving cryptocurrency does Sydney need to
report to the IRS for tox purposes?
Only converting the cryptocurrency to dollars
All actions except the original purchase of
cryptocurrency
Only selling some and buying the plane ticket
All of the transactions where she made money
Economics
Mar 20, 2025
Question 5
An investment account pays interest at the rate of \( 5 \% \) per year, compounded semi-annually. What is the
amount that should be deposited now so that R250 can be withdrawn at the end of every six months for the
next 10 years?
Draw an appropriate timeline showing all the given values.
[5] TOTAL MARKS: 25
TOT
Economics
Mar 21, 2025
