Deductible: meaning, definitions and examples
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deductible
[ dɪˈdʌktəb(ə)l ]
insurance
An amount of money that you have to pay before an insurance company will pay you any money when you make a claim. The purpose of a deductible is to share the risk between the insurance company and the policyholder.
Synonyms
excess, self-insurance, surplus
Examples of usage
- The deductible for my car insurance is $500.
- If you choose a higher deductible, your monthly premium will be lower.
- Her health insurance has a $1000 deductible.
- The deductible must be paid before the insurance company will cover the rest of the cost.
- Many people opt for a lower deductible in exchange for a higher monthly premium.
Translations
Translations of the word "deductible" in other languages:
🇵🇹 franquia
🇮🇳 कटौती योग्य
🇩🇪 Selbstbehalt
🇮🇩 dapat dikurangkan
🇺🇦 франшиза
🇵🇱 odliczalny
🇯🇵 控除可能
🇫🇷 franchise
🇪🇸 deducible
🇹🇷 muafiyet
🇰🇷 공제액
🇸🇦 قابل للخصم
🇨🇿 odpočitatelný
🇸🇰 odpočítateľný
🇨🇳 可扣除的
🇸🇮 odbitna postavka
🇮🇸 frádráttarbær
🇰🇿 шегерімге жататын
🇬🇪 დაზღვევის განაპირობა
🇦🇿 çıxıla bilən
🇲🇽 deducible
Word origin
The term 'deductible' originated from the Latin word 'deductibilis', which means 'able to be removed or subtracted'. The concept of deductibles in insurance policies can be traced back to ancient China, where merchants formed mutual aid societies to protect themselves against financial losses. Over time, the idea of deductibles evolved to become a standard practice in modern insurance contracts, helping to mitigate risk for both insurers and policyholders.