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Insurance Definition: DEDUCTIBLE

By Compuquotes Team on March 27th, 2008

DEDUCTIBLE:

Definition:

  • The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.

Information provided by Insurance Information Institute

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