What does the annual deductible of 1.5 million mean?

Annual deductible "annual deductible 1.5 million yuan refers to the annual deductible, that is, during the insurance period, after deducting social security reimbursement, the accumulated expenses within the insurance scope exceed 1.5 million yuan, and the insurance company will reimburse it; Deductible refers to the amount agreed by the insurer and the insured in advance. If the amount of loss is within the specified amount, the insured shall bear the loss by himself, and the insurer shall not be responsible for compensation; Because the deductible can eliminate many small claims, the cost of loss claims will be greatly reduced, which can reduce the operating costs of insurance companies and the premiums paid by policyholders; The deductible disappears, and the deductible decreases with the increase of the loss. In fact, this means that small losses are not compensated, and big losses are all compensated.