What is the amount of money that the policy holder will pay before the insurance company will pay on an insured loss?

What is the amount of money that the policy holder will pay before the insurance company will pay on an insured loss?

A deductible is the amount you must pay before the insurance company pays anything on a claim. You usually pay a lower premium if you choose a higher deductible. Example: Let’s say that your Comprehensive coverage has a $500 deductible.