What is the difference between the premium and the deductible?

The premium and the deductible are two important components of any insurance policy. The premium is the price you pay each month for coverage. Premiums are usually based on factors like the amount of coverage needed, your age, and the type of insurance you are purchasing. Generally, the more coverage you need, the higher the premium will be. The deductible is the amount of money you have to pay out of your own pocket before your insurance will cover the remaining cost of a claim. Deductibles can range from $0 all the way up to thousands of dollars depending on the specifics of the insurance policy and the type of insurance you are purchasing. In conclusion, the premium is the amount you pay each month for coverage, and the deductible is the amount of money you have to pay out of your own pocket before your insurance will cover the remaining cost of a claim under an insurance policy. In Illinois, all insurance policies are regulated by the Illinois Department of Insurance. This means that all insurance policies must meet certain standards set by the Department, and all premiums and deductibles must be approved by the Department before they can be used.

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What is the difference between the premium and the deductible?

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