Answer: Deductible
Explanation:
Deductible is a specified amount of money an insured individual must pay before an insurance company will pay a claim.
It should be noted that in insurance policy, deductible simply refers to the amount that is paid by the insured before the expenses incurred by the person will be paid by the insurance company.
For example, is there is a $3000 deductible for a particular plan. One has to pay the $3000 first before before the insurance company settles other things.
