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In an insurance policy, the deductible (in British English, the excess) is the amount paid out of pocket by the policy holder before an insurance provider will pay any expenses. [1] In general usage, the term deductible may be used to describe one of several types of clauses that are used by insurance companies as a threshold for policy payments.
For example, if your comprehensive coverage deductible is $1,000 and a hail storm causes $3,000 in damage to your car, an insurance provider would only cover $2,000 of the damage.
The deductible is the amount a person has to pay out of pocket before Medicare begins to pay for approved coverage and services. Learn more here. Medicare deductibles explained
For example: If you must file a claim, and your deductible is $500 — and the body shop’s bill is $3,000 — your insurance company will only pay $2,500. You’re responsible for the remaining ...
For example, if you’re self-employed and your spouse is unemployed, you might enroll yourself and your spouse in a health insurance policy that you buy on your state’s marketplace. As long as ...
For example, by requiring individuals to pay a portion of their health care costs through coinsurance, copayment, or deductibles, insurance providers can give people an incentive to consume less health care and avoid making unnecessary claims. This can help reduce moral hazard by aligning the interests of the insured and the insurer. [40]
3. Mechanical failure. When mechanical components fail due to normal wear and tear — whether it's a seized engine or failed transmission — your auto insurance won't pay for repairs.
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.