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What is the annual percentage yield (APY) for a savings account with a \$250 balance that earns \$9 in interest over one year?
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1. Introduction to Accounting
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Which statement best describes a situation in which people have to pay a deductible?
A
When an individual pays a monthly premium for health insurance coverage.
B
When an individual receives a tax refund from the government.
C
When an individual files an insurance claim and must pay a specified amount out-of-pocket before the insurance covers the remaining costs.
D
When an individual invests in a retirement account and receives employer matching contributions.
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Understand the concept of a deductible: A deductible is the amount an individual must pay out-of-pocket for expenses before their insurance policy begins to cover the remaining costs.
Identify the context in which deductibles are relevant: Deductibles are typically associated with insurance claims, such as health, auto, or property insurance.
Analyze the options provided in the problem: Evaluate each statement to determine which one aligns with the definition and purpose of a deductible.
Eliminate incorrect options: For example, paying a monthly premium is not a deductible, as it is a regular payment for maintaining insurance coverage. Similarly, receiving a tax refund or employer matching contributions does not involve deductibles.
Select the correct statement: The correct description of a deductible is when an individual files an insurance claim and must pay a specified amount out-of-pocket before the insurance covers the remaining costs.
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