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.

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

The Twelve Steps to Living Confidently: Budgeting

The Twelve Steps to Living Confidently: Budgeting

One of the most important steps to become financially sufficient is to set up a realistic budget.

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.

Infographic: While You’re Still Covered

Infographic: While You’re Still Covered

Your healthcare coverage will change in retirement. Here are things you might do before your coverage switches.