A(n) ________ is a clause in an insurance policy that provides that insurance proceeds are payable only after the insured has paid a specified amount toward the damage or loss.

Question

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The deductible clause is a provision in an insurance policy that specifies the amount of loss that the policyholder must pay out of pocket before the insurance company is required to pay. It is designed to prevent policyholders from making small or frivolous claims and to reduce the overall cost of insurance for all policyholders. The coinsurance clause is a provision that requires the policyholder to maintain insurance coverage up to a certain percentage of the value of the insured property. The incontestability clause is a provision that prevents the insurance company from canceling the policy or denying a claim after a certain period of time has passed. The exclusions from coverage clause is a provision that lists the specific risks or events that are not covered by the insurance policy.

A(n) ________ Is a Clause in an Insurance Policy That