Question

A sum of money provided in an insurance policy, payable for covered services is called___________.

1) Deductible
2) Benefits
3) Dues payable
4) Premium

Answer 1

The correct term for the sum of money provided in an insurance policy for covered services is 'benefits'. Deductibles and premiums are different aspects of an insurance policy.

Step-by-step explanation:

The sum of money provided in an insurance policy, payable for covered services, is called benefits. In the context of insurance, a deductible is an amount that the policyholder must pay out-of-pocket before the insurance coverage starts paying any claims. A premium is the payment made to an insurance company for coverage, and it is not the same as the benefits.