deductible
Definition
Fixed amount or percentage of an insurance claim that is the responsibility of the insured, and which the insurance company will deduct from the claim payment. Sometimes deductibles are voluntary (to qualify for a lower premium rate) but usually they are imposed by the insurer to avoid paying a large number of small claims. Also called excess. Not to be confused with tax deduction.
deductible is in the General, Marine, & Life Insurance subject.
deductible appears in the definitions of the following terms:
self-insured retention (SIR),
collision deductible,
personal interest,
origination fee,
primary insurance,
discount point,
free of particular average (FPA),
employer sponsored retirement plan,
tax deductible interest,
hard dollar [or any other currency]
and
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