MANAGEMENT

Detailed explanation-1: -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-2: -An insurance deductible is an amount you pay before your insurer picks up its share of an insured loss. The amount you’ll owe will differ from plan to plan. You’ll pay one deductible per claim, but each time you make a claim during a term, you will have to pay it again until you reach your limit.

Detailed explanation-3: -Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. The most common types of insurance coverage include auto insurance, life insurance and homeowners insurance.

Detailed explanation-4: -A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the deductible is subtracted, or “deducted, ” from what your insurance pays toward a claim.