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

Extended Care: A Patchwork of Possibilities

Extended Care: A Patchwork of Possibilities

What is your plan for health care during retirement?

Does Your Credit Score Affect Your Insurance Rates?

Does Your Credit Score Affect Your Insurance Rates?

Your credit score may influence how much you pay for auto and home insurance.

Long-Term-Care Protection Strategies

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.