Dictionary:
de·duct·i·ble (dĭ-dŭk'tə-bəl)  |
| 5min Related Video: deductible |
| Insurance Dictionary: Deductible |
Amount of loss that insured pays in a claim; includes the following types:
1. Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. The higher the absolute dollar amount, the lower the premium.
2. Time period amount (Elimination period/Waiting period). Length of time the insured must wait before any benefit payments are made by the insurance company. In disability income policies it is common to have a waiting period of 30 days during which no income benefits are paid to the insured. The longer this time period, the lower the premium.
The consumer would be well advised to select the highest deductible (by dollar amount and/or time period) that he/she can afford. First dollar coverages are very costly. A high deductible allows the insured to self-insure expected losses-those of high frequency and low severity.
| Dental Dictionary: deductible |
1. a stipulated sum the covered person must pay toward the cost of dental treatment before the benefits of the program go into effect. The deductible may be annual or payable only once and may vary in amount from program to program. n 2. the amount of dental expense for which the beneficiary is responsible before a third party will assume any liability for payment of benefits. Deductible may be an annual or onetime charge and may vary in amount from program to program.
| Architecture: deductible |
On a building project, a type of insurance policy stipulating that in the event of loss, the insured is liable for a specified initial amount and the insurance company is liable for the amount above that figure, up to the insured amount.
| Law Encyclopedia: Deductible |
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.
| Wikipedia: Deductible |
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Look up deductible in Wiktionary, the free dictionary. |
In an insurance policy, the deductible (North American term) or excess (UK term) is the portion of any claim that is not covered by the insurance provider. It is the amount of expenses that must be paid out of pocket before an insurer will cover any expenses. [1] It is normally quoted as a fixed quantity and is a part of most policies covering losses to the policy holder. The deductible must be paid by the insured, before the benefits of the policy can apply. Typically, a general rule is: the higher the deductible, the lower the premium, and vice versa.
In a typical automobile insurance policy, a deductible will apply to claims arising from damage to or loss of the policy holder's own vehicle, whether this damage/loss is caused by accidents for which the holder is responsible, or vandalism and theft. Third-party liability coverage generally has no deductible, since the third party will likely attempt to recover any loss, however small, for which the policy holder is liable.
Most health insurance policies and some travel insurance policies have deductibles as well. The type of health insurance deductibles can also vary, as individual amounts and family amounts. Major medical insurance policies are known for often having a deductible which does not cover the cost of routine visits (e.g. to a doctor's office).
For example, a person might have an auto insurance policy with a $500 deductible on collision coverage. If this person were in an accident that did $800 worth of damage to the car, then the insurance company would pay him or her $300. The insured is responsible for the first $500 of damage (the deductible), and the insurance company pays the balance. In industrial risks it is also common for the deductible to be expressed as a percentage of the loss, often though not always, with a minimum and maximum amount, for example 10% of loss minimum $1,500 max $5,000. Therefore in the event of a claim totalling $25,000 the applicable deductible is $2,500 (i.e. 10% of the loss), meaning that the assured would receive an indemnity payment from the insurer of $22,500. If the claim only amounts to $7,500 then the applicable deductible is $1,500 and not 10% of the loss, since 10% is below the minimum deductible level. Similarly, in this instance, for losses above $50,000 the deductible will never be more than $5,000.
Deductibles can also differ depending on the cause of the claim: the same policy can contain varying deductibles which are applied to loss or damage arising from theft, fire, natural perils, etc. For example, a plastics factory may have a deductible of $10,000 for theft, $50,000 for natural perils and $100,000 for fire.
A deductible should never be confused with a franchise, the latter representing a threshold which needs to be exceeded in order for the insurer to be liable for the entirety of the claim. In other words, with a franchise of $20,000 a claim of $19,900 is borne entirely by the assured whereas in the event of a claim totaling $20,500 the insurer would be liable for the whole amount.
There are also deductible reimbursement programs that reimburse a deductible in the event of an auto, home, or health insurance claim.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
| Translations: Deductible |
Dansk (Danish)
adj. - fradragsberettiget
n. - selvrisiko
idioms:
Français (French)
adj. - déductible, franchise, à déduire, à retrancher de, à défalquer de
n. - déductibilité
idioms:
Deutsch (German)
adj. - absetzbar, abzugsfähig
n. - Ableitbarkeit, Deduzierbarkeit
idioms:
Ελληνική (Greek)
adj. - αφαιρέσιμος, απαλλακτέος φόρου
idioms:
idioms:
Português (Portuguese)
adj. - dedutível
idioms:
Русский (Russian)
подлежащий вычету
idioms:
Español (Spanish)
adj. - deducible
n. - deducible
idioms:
Svenska (Swedish)
adj. - som kan dras ifrån
中文（简体）(Chinese (Simplified))
可扣除的, 扣除条款
idioms:
中文（繁體）(Chinese (Traditional))
adj. - 可扣除的
n. - 扣除條款
idioms:
한국어 (Korean)
adj. - 공제할 수 있는
n. - 공제 조항
日本語 (Japanese)
adj. - 差し引きうる, 控除できる, 税控除を認められる
n. - 控除条項
idioms:
العربيه (Arabic)
(صفه) قابل للاقتطاع أو الخصم
עברית (Hebrew)
adj. - שאפשר לנכותו
n. - חלק מתביעת דמי-ביטוח שעל התובע לשלמה
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Copyrights:
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 | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved. Read more |
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| Insurance Dictionary. Dictionary of Insurance Terms. Copyright © 2000 by Barron's Educational Series, Inc. All rights reserved. Read more |
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| Dental Dictionary. Mosby's Dental Dictionary. Copyright © 2004 by Elsevier, Inc. All rights reserved. Read more |
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| Architecture. McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc. All rights reserved. Read more |
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| Law Encyclopedia. West's Encyclopedia of American Law. Copyright © 1998 by The Gale Group, Inc. All rights reserved. Read more |
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| Wikipedia. This article is licensed under the Creative Commons Attribution/Share-Alike License. It uses material from the Wikipedia article "Deductible". Read more |
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| Translations. Copyright © 2007, WizCom Technologies Ltd. All rights reserved. Read more |
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