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

The Best of Both Worlds

The Best of Both Worlds

Here are a few reasons we’ve chosen to be independent.

Protecting Your Home Against Flood Loss

Protecting Your Home Against Flood Loss

Protect yourself against the damage that your homeowners policy doesn’t cover.

Protecting Those Who Matter Most

Protecting Those Who Matter Most

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