Franchise Deductible

Deductible - is an amount of money, specified in an insurance policy, that the insured must pay before the insurance company will pay the claim. Deductibles are sometimes called “self insured retention “ because it is the part of the claim that the insured will pay. Deductibles serve to keep the number of small claims filed to a minimum. Additionally, insured can choose a higher deductible to receive a lower premium.