deductible
A portion of covered loss that is not paid by the insurer. 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.
See also Annual aggregate deductible;
Franchise deductible;
Self-insured retention;
Waiting period deductible.
Links for IRMI Online Subscribers Only:
CLI VI.F;
CPI V.I;
IWC XI.P;
PLI VII.C;
PRMI 10.C;
RF IV.F