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Deductable

Posted on: 23rd May, 2012 03:31 pm
So if I have a $500 dollar deductible what would be the amount the insurance company will pay.
Hi Guest!

Welcome to forums!

The deductible can be defined as the amount of expenses which you must pay out of pocket before an insurer will pay any expenses. Thus, the deductible must be paid by the insured, before any benefits of the policy can apply. So, if you have a deductible of $500, then you will have to pay that from your pocket. The amount excess to that will be paid by the insurance company.

Feel free to ask if you've further queries.

Sussane
Posted on: 23rd May, 2012 07:39 pm
Hi Guest,

The explanation given by Sussane is apt. If you want claim $1000 from your insurance company and you have a deductible of $500, then you will have to give $500 from your own pocket and the rest of amount will be given by the insurance company.

Thanks
Posted on: 24th May, 2012 07:37 pm
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