Definition: The term "insurance deductible" refers to a financial penalty or an out-of-pocket expense that must be paid by an insurance policyholder before coverage can begin. This penalty or cost is typically associated with the premium payment for the policy, which represents the amount that the insurer requires from the insured in order for the policy to begin. The term "deductible" refers to a fixed amount of money that the insurer deducts from the premium payment when the policyholder pays it. The higher the deductible, the higher the premium paid by the insured must be if the policy is to be effective.
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