Question

Your apartment gets robbed, and $1,560 worth of your belongings are gone. you have renter's insurance to cover the loss, but your deductible is $500. how much will the insurance company pay you for your loss?

Answer 1

The answer is B ($1,060)

Step-by-step explanation:

I just got this question and once again got it right. The answer is 1,060 and the method that the person used above me works perfectly. Therefore, the answer is B.

Hope this helps!

Answer 2

If a renter has only given $500 for his/her deductible, and the renter gets robbed with $1,560 worth of his belongings in the apartment. The insurance company will pay the renter the remaining $1,060 because the $500 you've paid is called the out-pocket-cost. So the answer to your question is $1,060.