A dollar amount the insured must pay
on each loss. The insurance company pays the
remainder of each covered loss up to the policy
limits
Merriam-Webster Online Dictionary
deductible (adjective)allowable as a - deduction expenses that are deductible from taxable income
a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against , also the amount of the loss specified in such a clause
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