Insurance   A layperson's glossary of insurance terminology.

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DEDUCTIBLE
The amount of loss paid by the policyholder. Either a specified dollar amount, a percentage of the claim amount, or a specified amount of time that must elapse before benefits are paid. The bigger the deductible, the lower the premium charged for the same coverage.
ALSO SEE: HURRICANE DEDUCTIBLE, NO-PAY, NO-PLAY, SELF-INSURANCE, COINSURANCE

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