Answer :
Final answer:
The cost associated with buying insurance includes the premium, deductible, co-payment, and payout.
Explanation:
The cost that is always associated with buying insurance is the premium. A premium is the amount of money that must be paid to the insurance company in order to maintain coverage. It is typically paid on a regular basis, such as monthly or annually.
In addition to the premium, there are other costs that may be associated with insurance, depending on the policy. These include the deductible, which is the amount that the policyholder must pay out-of-pocket before the insurance company begins to cover expenses. There is also the co-payment, which is a fixed amount that the policyholder must pay for certain services or treatments.
Finally, there is the payout, which is the amount of money that the insurance company will pay to the policyholder in the event of a covered loss or claim.
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