Fixed amount or percentage of an insurance claim that is the responsibility of the insured, and which theinsurance company will deduct from the claim payment. Sometimes deductibles are voluntary (to qualify for a lower premium rate) but usually they are imposed by the insurer to avoid paying a large number of smallclaims. Also called excess. Not to be confused with tax deduction. 
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USAGE EXAMPLE

When choosing a health insurance plan, I looked for one that had a low monthly premium, as well as a lowdeductible.