Flat Deductible
Same as term Deductible: amount of loss that insured pays in a claim; includes the following types:
- Absolute dollar amount. Amount the insured must pay before the company will pay, up to the limits of the policy. The higher the absolute dollar amount, the lower the premium.
- Time period amount (Elimination period/Waiting period). Length of time the insured must wait before any benefit payments are made by the insurance company. In disability income policies it is common to have a waiting period of 30 days during which no income benefits are paid to the insured. The longer this time period, the lower the premium.
Popular Insurance Terms
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Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
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