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
Federal agency that researches injury and illness arising from workplace hazards and recommends standards for maximum exposures to hazardous substances. ...
Cost involved in an insurance company's adjustment of losses under a policy. ...
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number of serious injuries per 1,000,000 employee-hours worked. ...
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Value of an insurance company or other company that consists of capital and surplus and an estimated value for business on the company's books. ...
(Formerly the American College of Life Underwriters) accrediting body for the CLU (Chartered Life Underwriter) and the ChFC (Chartered Financial Consultant) designations. Provides ...
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