What is the Definition of Hurricane Deductible?
A percentage or dollar amount added to a home-owners insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm necessary for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Hurricane Deductible?
You can find random definition and meaning of insurance terms below:
Meaning of Level Premium Policies in Insurance Terms
Premiums paid for a life insurance policy or for a deferred annuity that remain the same each year that the contract is in force. Contrast with Modified premium policies and Single premium policies.
Meaning of Liability Insurance in Insurance Terms
Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person.
Meaning of Life Annuity With Period Certain in Insurance Terms
A type of annuity contract that guarantees periodic income payments throughout the lifetime of a named individual—the annuitant—and guarantees that the payments will continue for at least a specified period. If the annuitant dies before the end of that specified period, the payments will continue to be paid until the end of the period to a beneficiary designated by the annuitant. (See Life annuity)
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