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The term deductible, when discussing insurance issues, applies to the amount of money you must pay out of pocket before your insurance coverage will pay for a claim. For example, if you have a $500 deductible on your homeowner's insurance policy and you have $1,000 worth of hail damage, you must pay your $500 deductible towards the damage and your insurance policy will kick in to pay the remaining $500 for repairs.
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What term is defined as the amount you are responsible for paying to repair your car after the accident?
The term is "deductible". It is payable as to collision and comprehensive claims. The deductible is chosen by the insured when the insurance is initially purchased.
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
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