deductible

Meanings

• noun

  The amount that an insured person pays out of pocket towards the cost of a claim before their insurance coverage begins.

  - "The deductible for my health insurance is $500 per year."
  - "I had to pay the deductible before my insurance covered the cost of the repairs."

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Antonyms

nondeductible

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Synonyms

excess

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Rhymes

Words rhyming with deductible
recitable , edible , visible , stable

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Variants

List of all variants of deductible that leads to same result
deductibilities , deductibility , deductible , deductibles , tax-deductible

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'deductible' comes from the Latin word 'deductus' meaning 'led away' or 'taken away'. In the context of insurance, it refers to the amount that is taken away from the total cost of a claim before the insurance coverage begins.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The concept of a deductible was first introduced in the early 20th century to encourage individuals to take responsibility for smaller healthcare costs.

2. Did you know that some insurance policies offer a 'zero deductible' option, meaning the insurance company covers all costs from the beginning?

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. premium: The amount paid by an insured person to the insurance company for coverage.

2. co-payment: A fixed amount paid by an insured person for each covered healthcare service.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

In insurance and finance, the concept of a deductible is common and widely used. It is a way for insured individuals to share the risk and cost of insurance with the insurance company.

How to Memorize "deductible"

1. visualize
   

   - Imagine a jar that represents your total cost of a claim. The insurance company takes out the amount of the deductible before covering the rest of the cost.

2. associate
   

   - Associate the term 'deductible' with the word 'responsibility'. It's the amount of financial responsibility the insured person takes on before the insurance coverage begins.

3. mnemonics
   

   - Use the phrase 'Deduct what you can' to remember the meaning of deductible.

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