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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.

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