Deductible
/dɪˈdʌktəbl/
Definitions
- (n.) An amount specified in an insurance policy that the insured must pay out of pocket before the insurer pays a claim.
The policyholder paid the $500 deductible before the insurance covered the remaining medical expenses.
Related terms
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Commentary
The term is primarily used in insurance law to allocate risk between insurer and insured; drafters should specify the deductible amount clearly to avoid dispute.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.