MLchartDataset catalogue

Buyback deductible

Term · Insurance and risk management · MLC-T-INS-000654

An option offered by an insurer that allows a policyholder to reduce their deductible amount by paying an additional premium. This effectively 'buys back' a portion of the initial deductible, lowering the out-of-pocket expense in the event of a claim. It is often available for property and casualty policies, providing flexibility in risk retention.

Table 1. Record
IdentifierMLC-T-INS-000654
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000654",
  "term": "Buyback deductible",
  "field": "Insurance and risk management",
  "definition": "An option offered by an insurer that allows a policyholder to reduce their deductible amount by paying an additional premium. This effectively 'buys back' a portion of the initial deductible, lowering the out-of-pocket expense in the event of a claim. It is often available for property and casualty policies, providing flexibility in risk retention.",
  "url": "https://mlchart.com/terminology/insurance/buyback-deductible/"
}

Record 431 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.