deductible
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. See also
Aggregate
deductible;
Annual aggregate
deductible;
Back-to-back deductible;
Basket deductible;
Buyback
deductible;
Corridor deductible;
Deductible plan;
Disappearing deductible;
Franchise deductible;
Indexed deductible;
Large deductible plan;
Matching deductible;
Mediation incentive deductible;
Per-loss deductible;
Retention;
Self-insured retention;
Waiting period deductible;
Wind or hail deductible.
Links for IRMI Online Subscribers
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CLI VI.F;
CPI V.I;
IWC XI.P;
PLI VII.C;
PRMI 10.C;
RF IV.F