A specified amount of a claim that the insurance company does NOT need to pay is called

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A deductible is a specified amount of a claim that the insurance company does not need to pay and is the responsibility of the policyholder to pay out of pocket before insurance coverage kicks in. Coinsurance refers to the sharing of costs between the insurance company and the policyholder after the deductible has been met, while a copayment is a fixed amount paid by the policyholder for specific medical services, and a premium is the regular payment made by the policyholder to the insurance company to maintain coverage.

A Specified Amount of a Claim That the Insurance Company