Deductible
The amount that you pay before the insurer starts reimbursing you either in part (see coinsuranceThe portion of each insurance claim, expressed as a percentage, you pay after you have reached the deductible and before you have reached your maximum out-of-pocket payment amount. Coinsurance is ve... More) or in full. Deductibles can apply per claim (as is usually the case for auto collisionInsurance coverage that reimburses you for damage to your car when it impacts another vehicle or object or rolls over. More and homeowners insurance), per person (a common feature in health insurance) or on other bases.
I am also a retired property-casualty actuaryA professional who assesses and manages the risks of financial investments, insurance policies and other potentially risky ventures. Source: www.investopedia.com/terms/a/actuary.asp More (someone who works with the math and statistics related to insurance). I spent a significant portion of my career building statistical models of all of the financial risks of an insurance company and interpreting their findings to help senior management make better financial decisions. I retired in my late 50’s, which one of my daughter’s friends thought clearly qualified me to write this blog. Read more about Susie Q