Deductible
GeneralThe amount you pay out of pocket before your insurance kicks in on a covered claim.
Example: If your deductible is $1,000 and you have a $5,000 claim, you pay the first $1,000.
Related: Premium, Coverage Limit
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Insurance Dictionary
Insurance Dictionary
Plain-English definitions of the terms you'll actually see on a policy.
Liability
AutoCoverage that pays for others' injuries or damage you're legally responsible for.
Related: Bodily Injury, Property Damage
Premium
GeneralThe amount you pay for your insurance policy, usually monthly or annually.
Related: Deductible