deductible

     

In an insurance policy, the eductible (North American term) or excess (UK term) is the portion of any claim that is not covered by the insurance provider. It is normally quoted as a fixed quantity and is a part of most policies covering losses to the policy holder. The deductible must be paid by the insured, before the benefits of the policy can apply. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa.

Trivia about deductible

  • Uncle Sam tells business accountants that to be this, an expense must be ordinary & necessary
  • On an insurance policy, it's the amount you have to "meet" before the company will make a payment
  • Eric could use a new health plan; he's got a $50,000 this, the amount he pays out of pocket before insurance kicks in

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