7. assume this policy has a deductible of $1,000 and a coverage limit of $15,000. if there are personal property
losses of $7,000 for a covered event, which best describes how much both parties pay?
a. insured person pays $0; insurance company pays $7,000
b. insured person pays $1,000; insurance company pays $6,000
c insured person pays $1,000; insurance company pays $7,000
d. insured person pays $1,000; insurance company pays $15,000