The deductible in an insurance policy is the amount that the claimant must pay first before the insuance company will pay on a claim. If the claim is large enough the amount will be deducted from the claim before the insurance company sends a check to the claimant.
For example: Automobile insuance policies usually have a deductible with their policies. Usually the higher the deductible the lower your premium will be. Deductibles can range from $0-$500 or more depending on the type of coverage and the limits of liabilty you have. If you have an accident and file a claim on your policy the insurance company will require an estimate for the amount of damage. If the accident caused an estimated $1000.00 in damage and you have a $500 deductible, then you will be responsible for the first $500 and the insurance company will pay you $500 for the balance of the estimated repairs.
by Faith Reaper 3 years ago
Should a spouse be able to take out a life insurance policy on their spouse without their knowledge?In light of the Colorado man who allegedly pushed his wealthy wife off a cliff, and who is also now being looked at for his first wife's murder after a car fell on her ...being he had taken out...
by laswi 8 years ago
A health insurance policy is designed by an insurance company for a particular period of time according to the requirements of the purchaser of the policy. It is renewable annually or monthly.A health insurance policy is a contract between the insurance company and an individual or his sponsor such...
by pinoyconnection 4 years ago
is life insurance worth it?
by Vicki Parker 8 years ago
Should cancelling an insurance policy after filing one claim be illegal?Underwriters review insurance claims and make rather subjective decisions. I was recently cancelled by an insurance company for filing one homeowner's claim. They also considered a separate coverage inquiry as a...
by Damodar Bashyal 6 years ago
What is motor insurance policy number?I am trying to purchase CTP Greenslips for my car but it's asking for Motor Insurance Policy Number. I can't find this thing anywhere, does anyone know about this?
by MissJamieD 5 years ago
Ok, I live in Minnesota and the law says you must have auto insurance to be driving on the road. If you don't have it, you can/will be charged a fine and possibly jail time. I do understand how important it is to have insurance. If you're in an accident, it helps pay the victims medical bills, etc....
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