What is BUY-BACK DEDUCTIBLE?

A DEDUCTIBLE on an INSURANCE contract that is eliminated through payment of an incremental PREMIUM, thus providing the INSURED with FIRST DOLLAR COVERAGE in the event of a loss.

More On This Topic



Link to This Definition
Did you find this definition of BUY-BACK DEDUCTIBLE helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary