Deductible in travel insurance

Amount to be paid by the insured person before the insurance company begins to pay for the covered expenses. Deductible may be either per sickness/injury or once per policy period or once per year depending upon the insurance policy you purchase. You will not get receive any reimbursement later from insurance company for the deductible you pay. E.g., Suppose you buy insurance policy with $50,000 policy maximum, $250 deductible per policy period and 80/20 co-insurance, $1000 maximum out of pocket. Suppose you incur covered expense of $7250, insurance company will start paying for covered expenses according to policy terms after you make initial payment of chosen deductible, $250.

See Also: Direct Premiums Written; Development to Policyholder Surplus (IRIS); Developed to Net Premiums Earned; Denial of claim; Deductible;

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