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Deductible |
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That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). The portion of an insured loss to be borne by the insured before he or she is entitled to recovery from the insurer. Automotive insurance policies frequently include a deductible, such as $250 or $500, which the insured must pay before receiving reimbursement under the policy. Usually, the insured motorist chooses among several levels of deductible, with the policy payment being somewhat lower when the insured chooses a higher deductible. Many types of insurance policies include a deductible amount. |
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? References in periodicals archive |
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amp;ldquo;The premiums are substantially lower, and with my family of five, we can go through the deductible pretty quickly,” says Willbrand, the father of three children, ages 18, 15 and 12. What high deductible health plans look like: findings from a national survey of employers, 2005. If that person also has access to the patient's deductible payment, he or she can add $250 to the theft by telling you that the patient refused to pay the deductible because the patient was upset with the service. |
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Deductible