Other Free Encyclopedias » Law Library - American Law and Legal Information » Free Legal Encyclopedia: Cross‐contamination to Deed of covenant

Deductible

insured income insurance policies

That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes).

The portion of an insured loss to be borne by the insured before he or she is entitled to recovery from the insurer.

Automotive insurance policies frequently include a deductible, such as $250 or $500, which the insured must pay before receiving reimbursement under the policy. Usually, the insured motorist chooses among several levels of deductible, with the policy payment being somewhat lower when the insured chooses a higher deductible.

Many types of insurance policies include a deductible amount.

[back] Dedication

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or