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?

Open enrollment tips

Open enrollment tips

It’s open enrollment season. Have you made your benefit selections yet?

Protecting Those Who Matter Most

Protecting Those Who Matter Most

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