Deductible under which the insured retains the full amount of all otherwise insured losses until those retentions total a specified amount during a given calendar or fiscal year. Once this total is reached, the Insurer pays the full amount of al insured losses (subject to other Policy provisions) for the remainder of that calendar or fiscal year. Also called fixed-amount-per-year-deductible.
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A deductible that applies for the entire year.