What is a Deductible?

Deductible

[dih-duhk-tuh-buh l]

noun

1.

A Deductible is the amount of money a policyholder must pay out of pocket before any insurance payments are made. For example, if repairs to a personal vehicle cost $1,000, but the Deductible on that Policy is $500, the policyholder must pay $500 toward the repairs before the insurance company covers the other $500.

Share |

Have A Question About This Topic?

Thank you! Oops!
 

Related Contents

Coaches

Coaches

Coaches have helped you your whole life, in ways big and small. We’d like to be one of them.

Did You Know This Fact About the Claims Process?

Did You Know This Fact About the Claims Process?

Claims can be left open as long as you need.

Protecting Those Who Matter Most

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.