What is the definition of Insurance 500 Deductible?

An 'insurance 500 deductible' is like this: It's when you have to pay the first $500 of any big claim before your insurance company steps in. It's like being a superhero with a super expensive medical bill, and the only thing you have to pay is a hefty sum upfront.

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Example sentence: "After a hilarious accident where my cat got stuck in a toaster, I ended up with a $500 deductible - which means I'm the one paying the first $500 of my cat's 'insurance' bills!"