How is the claim amount calculated in a personal auto insurance policy if the policyholder's car is declared a total loss? How is the claim amount calculated in a personal auto insurance policy if the policyholder's car is declared a total loss? The replacement cost of a new car The current market value of the car The total cost of repairs to the damaged car The original purchase price of the carWhat is the purpose of a deductible in an insurance policy? What is the purpose of a deductible in an insurance policy? To provide a cash value that the policyholder can access while the policy is in force To establish a waiting period before the insurance policy becomes effective To determine the maximum amount the insurance company will pay for a covered loss To reduce the insurance premium by sharing the cost of a covered loss with the policyholder