What is a policy deductible?
A policy deductible is a fixed amount of money that an insured individual in Oklahoma has to pay out-of-pocket before their insurance provider begins to pay for an insured service or damage. For instance, if a policyholder in Oklahoma has an insurance policy with a $500 deductible, they will have to pay the first $500 of a claim themselves before their insurance company pays for the remainder of the claim. Deductibles are usually part of any insurance policy, and they are essential in helping individuals and businesses manage their finances and their long-term insurance costs. The deductible amount can vary from policy to policy, and from provider to provider, but in general, the higher the deductible, the lower the monthly or annual insurance premiums.
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