Definition: An Insurance Deductible is he amount the insured is required and obligated to pay by the insurance policy. The deductible is chosen by the insured and is usually applied to coverage's such as comprehensive and collision. Generally the lower the deductible, the higher the insurance premium.
Examples: After Pat filed her insurance claim her insurance agent said that they would cover the entire cost of replacing the hood of her car after she contributed her insurance deductible of $500.
