Definition: The term "insuranc 500 deductible" typically refers to a financial limit that an insurance policy must meet in order for a claim to be paid out. This can mean anything from a flat, fixed amount, such as $500 per occurrence or day, to specific percentages of the total value of a claim. The term is used in insurance policies and is intended to provide coverage at a reduced cost if the insured has incurred damages exceeding the policy's deductible limit. The deductible can be an annual amount, or it could be a percentage of the claim amount. For example, an individual with $20,000 in a policy could have up to $10,000 paid out from their deductible, while someone with $50,000 would not need any insurance at all.
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