ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A specific amount would be subtracted from your claim payment if you have a dollar amount deductible. For example, if your policy states a $500 deductible, and your insurer has determined that you have an insured loss worth $10, 000, you would receive a claims check for $9, 500.

Detailed explanation-2: -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-3: -You’re responsible for your policy’s stated deductible every time you file a claim. After you pay the car deductible amount, your insurer will cover the remaining cost to repair or replace your vehicle. Example: You have a $500 deductible and $3, 000 in damage from a covered accident.

Detailed explanation-4: -A per-loss deductible specifies the amount of first-dollar loss paid by the insured for each loss.

Detailed explanation-5: -An Insurance deductible is an amount which the policyholder will have to shell from his pocket for repairs in the event of loss or damage. Only after this, will the insurance policy come into play. The insurer will pay for the losses as per the limits pre-defined in the policy.