ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A deductible can be either a specific dollar amount or a percentage of the total amount of insurance on a policy. The amount is established by the terms of your coverage and can be found on the declarations (or front) page of standard homeowners, condo owners, renters, and auto insurance policies.

Detailed explanation-2: -Here’s what it actually means: Your annual deductible is typically the amount of money that you, as a member, pay out of pocket each year for allowed amounts for covered medical care before your health plan begins to pay. This excludes certain preventive services that may be automatically covered.

Detailed explanation-3: -The amount you pay for covered health care services before your insurance plan starts to pay. With a $2, 000 deductible, for example, you pay the first $2, 000 of covered services yourself. A fixed amount ($20, for example) you pay for a covered health care service after you’ve paid your deductible.

Detailed explanation-4: -Compulsory Deductible. Voluntary Deductible. Comprehensive Deductible. Non-Comprehensive Deductible. Cumulative Deductible. 02-Feb-2023