What does we absorbed your deductible mean

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Sat Nov 03, 2012 6:53 pm   Post subject: What does we absorbed your deductible mean  

What does that mean..we filed a claim due to burglary of our home.


_________________
Register Now to have your Insurance queries solved.
Guest







PostPosted: Sun Nov 04, 2012 12:01 am   Post subject:   

It has to do with the way the policy states the deductible is applied and the policy limits. The policy states that the total amount of the loss is determined, the deductible applied and _then_ any limits are considered. It appears that you loss was much higher than the limits so your deductible is "absorbed". For example, lets say you have a theft limit of $5000 and a $1000 deductible. If your loss is $7000 the calculation goes like this...



$7000

-$1000

---------------

$6000 but your policy limit is $5000 so $5000 is paid. Your deductible did could have been $100... it could have been $500... it did not matter as the policy limits applied.

tcope
Forum Expert
Leave a quick message

tcope
Forum Expert

Joined: 22 Nov 2006
Posts: 5981

Location: Salt Lake City, UT
358.91 Dollars($)

PostPosted: Sun Nov 04, 2012 3:19 am   Post subject:   

Ok so does that mean they deducted the deductible amount fromthe check they sent us?


_________________
Register Now to have your Insurance queries solved.
sylvia
Guest







PostPosted: Sun Nov 04, 2012 6:55 am   Post subject:   

Well, you really don't give any info about your loss so there is no good way to know.



As I mentioned, you take the total amount of your loss, subtract the deductible and then apply the policy limits. That is what you will be paid.

tcope
Forum Expert
Leave a quick message

tcope
Forum Expert

Joined: 22 Nov 2006
Posts: 5981

Location: Salt Lake City, UT
358.91 Dollars($)

PostPosted: Sun Nov 04, 2012 3:31 pm   Post subject:   

Ok so does that mean they deducted the deductible amount fromthe check they sent us?


_________________
Register Now to have your Insurance queries solved.
sylvia
Guest







PostPosted: Sun Nov 04, 2012 4:49 pm   Post subject:   

Shocked



I give up.....
tcope
Forum Expert
Leave a quick message

tcope
Forum Expert

Joined: 22 Nov 2006
Posts: 5981

Location: Salt Lake City, UT
358.91 Dollars($)

PostPosted: Sun Nov 04, 2012 11:26 pm   Post subject:   

Sorry I didn't know it posted the same thing again....thanks for your reply.


_________________
Register Now to have your Insurance queries solved.
sylvia
Guest







PostPosted: Sun Nov 04, 2012 11:53 pm   Post subject:   

Sorry, I didn't know it posted my reply twice. Thank you for your help.


_________________
Register Now to have your Insurance queries solved.
sylvia
Guest







Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

AmPmInsure on Facebook



Page loaded in 0.190 seconds.