What is the difference between the premium and the deductible?

The premium and deductible are two very important parts of insurance regulation law in North Carolina. The premium is the amount of money that an insurance policyholder pays in order to maintain their policy. This is typically paid on a monthly or yearly basis and is typically based on the cost of the coverage, the number of people who are covered, and the type of policy. The deductible, on the other hand, is the amount of money that an insurance policyholder has to pay before the insurance company will cover the rest of the cost. This is often set in the policy and varies based on the type of coverage. For example, if someone has health insurance coverage, they may pay a deductible of $1,000 before the company will begin paying any of their medical bills. In summary, the premium is the cost of maintaining an insurance plan and the deductible is the amount of money that the policyholder has to pay for their coverage before their insurance company will cover the rest of the cost. Both of these play an important role in insurance regulation law in North Carolina.

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What is the difference between the premium and the deductible?

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