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deductible adj

: allowable as a deduction
de·duc·ti·bil·i·ty [-dək-tə-bi-lə-tē]

n : a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against
: the amount specified in such a clause compare franchise

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.