In terminology related to the administration of insurance polices, a deductible (also referred to as "excess") is the amount of the claim for damages not covered by the terms of the insurance policy. Deductibles are normally set as a fixed amount agreed upon at the time of enrollment in the specific program of insurance. As per the standard terms of insurance agreements, the holder of the policy must "meet" or pay the fixed amount of the deductible before the insurance benefits apply to their claim.

Deductibles are a standard aspect of automobile insurance, health insurance, and some travel insurance policies. As a general industry rule of thumb, the higher the amount of the deductible the lower the premium on the policy. Essentially then, the insurance policy is cheaper to maintain on a monthly (or other interval) schedule of payment because the holder of the policy is willing (or is forced by economic circumstances to) agree to cover a larger monetary amount of their own insurance claims. In health insurance policies, deductibles normally do not cover the expense of routine doctor's visits.

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