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: The fixed amount you must pay out-of-pocket for a claim before your insurance company pays the rest.

: Specific situations or items that are not covered by your policy, often found in a dedicated section of your contract. toinsurance

: The maximum amount an insurer will pay for a covered loss. : The fixed amount you must pay out-of-pocket

Understanding these five basic components found in almost every insurance policy will help you decode your contract: toinsurance