What is the amount paid by the policy holder for the initial portion of a loss before the insurance coverage begins?
C. Calendar Year Deductible - in health insurance, the amount that must be paid by the insured during a calendar year before the insurer becomes responsible for further loss costs.
Deductible - The amount the insured must pay in a loss before any payment is due from the company.
Deductible. The amount of the loss that you must pay before your insurance company pays anything. Only comprehensive and collision coverage have deductibles.
What is my deductible? (The deductible is the portion of the loss you pay before your insurance company begins to pay.)
Deductible. The amount you pay when you have a claim before your insurance company begins payment.
Deductible defined
A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the deductible is subtracted, or "deducted," from what your insurance pays toward a claim.
Premium - The payment, or one of the periodic payments, a policyowner agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments, e.g., annually, semi-annually, quarterly or monthly.
What is an Initial Premium? The initial premium is the first payment an individual makes on any insurance policy. The policy terms dictate the amount of the initial premium. Generally, that payment needs to be made in order for coverage to go into effect.
An insurance premium is the amount of money that you pay for an insurance policy. You pay insurance premiums for policies that cover your health, car, home, life, and others. Insurance premiums vary depending on your age, the type of coverage, the amount of coverage, your insurance history, and other factors.
The amount a patient pays before the insurance plan pays anything. In most cases, deductibles apply per person per calendar year. With preferred provider organizations (PPOs), deductibles usually apply to all services, including lab tests, hospital stays and clinic or doctor's office visits.
What is the initial amount not covered by an insurance policy that must be paid by the insured before the insurer pays anything on the policy?
Deductible – An amount you could owe during a coverage period (usually one year) for covered health care services before your plan begins to pay. An overall deductible applies to all or almost all covered items and services.
The deductible is the amount that an insured person will pay before the insurance company pays. Generally speaking, the higher the amount of the deductible, the lower the premium for a specific amount of insurance.
The "first loss" designates the amount which is exposed first to any loss suffered on a portfolio of Assets, or on a single asset. The "first loss" mechanism is almost systematically used in the Insurance world and in the context of Securitisation.
Paid losses are losses and allocated loss adjustment expenses (ALAE) paid to claimants during a financial reporting period.
An auto insurance deductible is what you pay “out of pocket” on a claim before your insurance covers the rest.
An insurance deductible is one of the major out-of-pocket expenses associated with an insurance policy. This is the amount that policyholders must pay out for an insured loss before coverage starts. Understanding how deductibles work is crucial in helping individuals and businesses get the most out of their policies.
A loss limit is a property insurance limit that is less than the total property values at risk but high enough to cover the total property values actually exposed to damage in a single loss occurrence.
Also known as your coverage amount, your insurance limit is the maximum amount your insurer may pay out for a claim, as stated in your policy. Most insurance policies, including home and auto insurance, have different types of coverages with separate coverage limits.
Deductible — The dollar amount an insured person must pay for covered charges during a calendar year before the plan starts paying claims. Only charges outlined in the plan that the insurer would normally pay get applied to the deductible.
Deductible: The dollar amount you must pay out-of-pocket for each claim before the insurance company begins paying. Depreciation: Decrease in home or property value due to age or wear and tear.
What is the set amount that a policyholder must pay?
A deductible is a certain dollar amount the policyholder must pay before health insurance benefits kick in. Deductibles can be up to $7,050 for individual coverage, depending on the plan you choose.
an initial amount paid at the time of purchase, in installment buying, time sales, etc. any initial or partial payment, gift, favor, or recompense, as to reduce one's indebtedness or express one's obligation or gratitude: This gift is just a down payment for all the favors I owe you.
Coinsurance is the amount of medical expense that the insured must pay before the insurance carrier begins paying benefits.
An indemnity is a pre-determined sum paid for a covered loss. In a contract, the predetermined amount may be called “liquidated damages”.
In insurance, policy limits are the maximum dollar amount that an insurer will pay for covered damages or losses under an insurance policy. Policy limits may be expressed as a single limit or as split limits, with different maximums for each.
