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English definition of “deductible”

deductible

noun [C usually plural]     /dɪˈdʌk.tɪ.bl̩/ US  /-t̬ə-/
an amount of money that is taken away from an employee's pay before they receive it: Companies try to control the cost of healthcare by raising employees' deductibles. US (UK excess) a part of the cost of an accident, injury, etc. that you agree to pay yourself when you buy insurance: Customers can lower insurance premiums by taking higher deductibles.Insurance
(Definition of deductible noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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