This element in insurance policies requires the insured to bear some portion of a loss before the insurer is obligated to make any payment.The purpose is to reduce costs for the insurer, thus making lower premiums possible.Identify this element.
A)Deductible
B)Waiver
C)Estoppel
D)Coinsurance
E)Carryover

Question

Quizplus · Accepted Answer

A deductible is the amount the insured must pay out-of-pocket before the insurance company pays a claim, helping to lower premiums by reducing the insurer's costs.

This Element in Insurance Policies Requires the Insured to Bear