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In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. [1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
In the United States, a high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. It is intended to incentivize consumer-driven healthcare. Being covered by an HDHP is also a requirement for having a health savings account. [1]
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
An insurance deductible allows policyholders to control how much risk they retain, while insurance companies assume the rest of the financial burden from covered losses.
Collision coverage typically requires you to pay a deductible before your insurance kicks in. This amount can range from $250 to $1,000 or more, depending on your policy choices. ... It would mean ...
What Is a Car Insurance Deductible? Your deductible is your share of your vehicle’s repair costs after an accident. For example: If you must file a claim, and your deductible is $500 — and the ...
Over time, participants are allowed to contribute more (cumulatively) to the savings account than would be required to fulfill their annual deductible for a given year (although annual limits on pre-tax contributions [other than a 1-time IRA rollover option] are well below the annual deductible), and any unused portions of the account accrue ...
You carry comprehensive insurance with a $500 deductible, so your insurance company would pay $6,500 toward the repairs and you would be responsible for the $500 deductible. ... meaning it is ...