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What is the difference between Franchise deductible amount threshold and annual aggregate according to insurance policies?
Wiki User
∙ 10y ago
Let's say a policy has a 10% deductible. That means that losses less than 10% are not paid. Further, if a loss is greater than 10%, it is reduced by the amount of the deductible. (ie the insurer pays 15% if the loss is 25% of the limit)
If a policy has a 10% franchise deductible, that means that losses less than 10% are not paid (same as above). However, if the loss is greater than 10%, it is as if the deductible did not exist. (ie the insurerer pays 25% if the loss is 25% of the limt).
Wiki User
∙ 10y ago
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