policy, the deductible (also known as 'excess' in some countries, especially the United Kingdom) is the portion of any claim that is not covered by the insurance provider. It is the amount of expenses that must be paid out of pocket before an insurer will cover any expenses. The first commercial insurance deductible was introduced by Norman Baglini in 1952.
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deductible Capable of being deducted or subtracted.
deductible An amount that can be deducted, especially for the purposes of calculating income tax.