What Does an Insurance Deductible Mean?

Q: What is the name of the part of the claim paid by me when I have a loss?

A: Deductible. Deductibles are usually $500, $1,000, $2,500, $5,000, $10,000 or higher. The higher your deductible, the lower your insurance premium. Remember, the deductible is that portion of the claim that you are willing to pay when a loss occurs.

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