Explain the difference between a premium and a deductible.

Question: Explain the difference between a premium and a deductible.

A premium is the amount of money you pay to your insurance company every month or year for your coverage. A deductible is the amount of money you have to pay out of your own pocket before your insurance company starts to pay for your claims. The higher your premium, the lower your deductible, and vice versa.

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