Jerry has an insurance policy with a premium of $150 per month. In June, he's in an accident and receives a bill with a total cost of $6000. His deductible is $1500, and his coverage limit is $4000. How much total money will Jerry pay in the month of June?

$2150

Explanation:

An insurance deductible refers to the sum of money the insured pays to the insurance company before the coverage starts. Deductible mostly applies to health, auto, or homeowners' insurance policies. This means that Jerry has already paid the deductible.

An insurance company will pay a claim up to the limit as set in the policy. The client or insured pays the difference should a bill exceed the limit. Therefore, Jerry will pay the difference of $6000 and $4000 plus the monthly premiums.

=($6000- $4000 )+$150

=$2150

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