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

Silver Sneakers 101

Silver Sneakers 101

Medicare’s popular program, offering free gym membership and health education.

Retiree Health Care Coverage Overseas

Retiree Health Care Coverage Overseas

Retirees traveling abroad need to know that their health insurance travels with them.

Did You Know This Fact About Parking in a Garage?

Did You Know This Fact About Parking in a Garage?

Save money by parking your car in your garage.