Insurance

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.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Medicare vs. Medicaid

Medicare vs. Medicaid

The terms Medicare and Medicaid sound similar but are two very different things. Learn the differences in this informative article.

6 Tips to Help You Prepare for Natural Disasters

6 Tips to Help You Prepare for Natural Disasters

Disaster can strike at any time. These six tips can ensure you’re prepared when it does.

Life Insurance Myths: Debunked

Life Insurance Myths: Debunked

Whether you have life insurance through your work or are retired it pays to know the truth about life insurance coverage.