MANAGEMENT

Detailed explanation-1: -The fixed amount which you will pay at the time of loss even before the insurance policy pays, it is compulsory deductible. It is mandatory in India to buy at least a third-party car insurance policy and so is the deductible. A Compulsory deductible is fixed generally based on the type of the vehicle.

Detailed explanation-2: -Deductible-The dollar amount an insured person must pay for covered charges during a calendar year before the plan starts paying claims. Only charges outlined in the plan that the insurer would normally pay get applied to the deductible.

Detailed explanation-3: -Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.

Detailed explanation-4: -Deductible in health insurance is the amount you have to pay before the health insurance company begins paying up the claim amount. This means the insurer is bound to pay the claim amount after it exceeds the deductible amount.

Detailed explanation-5: -A premium is like your monthly car payment. You must make regular payments to keep your car, just as you must pay your premium to keep your health care plan active. A deductible is the amount you pay for coverage services before your health plan kicks in.