BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -“A deductible is pre-fixed amount of money that a customer bears either out of pocket or from another health policy, for covered services before the insurance plan starts to pay. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible amount opted by the insured.

Detailed explanation-2: -The word ‘Deductible’ is closely associated with insurance and it is the amount of money that you must pay before the insurer begins to cover the rest of the claim amount. How it works: If your insurance plan’s deductible is Rs. 50, 000, you will pay 100% of the eligible expenses until the bills total Rs. 50, 000.

Detailed explanation-3: -Simply put, a deductible in health insurance is the amount you must pay out of pocket for medical care before the insurance company begins to cover the costs.

Detailed explanation-4: -An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.

Detailed explanation-5: -Deductibles is a fixed sum of money that policyholders are required to pay before their insurance policy starts contributing to their medical treatment.