What does Deductible mean? Read on to discover the definition & meaning of the term Deductible - to help you better understand the language used in insurance policies.
An amount the insurer will deduct from the loss before paying up to its policy limits. Most property insurance policies contain a per-occurrence deductible provision that stipulates that the deductible amount specified in the policy declarations will be subtracted from each covered loss in determining the amount of the insured's loss recovery. Usually, the amount of the deductible is not subtracted from policy limits.
We hope the you have a better understanding of the meaning of Deductible.