Final answer:
A non-refundable deductible is the fixed amount of money that an insurance policyholder must pay out-of-pocket per approved claim before the insurance coverage starts paying.
Step-by-step explanation:
A non-refundable deductible refers to the fixed amount of money that an insurance policyholder must pay out-of-pocket before the insurance coverage starts paying for the approved claim. This deductible is not refundable. For example, if the non-refundable deductible is $500 and the approved claim amount is $1,000, the policyholder would need to pay $500, and the insurance would cover the remaining $500. It is important to note that the non-refundable deductible is payable per approved claim, meaning that it applies to each separate claim made by the policyholder.