A grant of land, a copyright, or of some other property, or the right of use in land or other property (an easement), for a public purpose. n. deductible In an insurance policy, the monetary amount of the loss that must be paid by the insured before the insurer becomes responsible for any reimbursement. n. deduction A monetary amount that a taxpayer is permitted by law or regulation to subtract from income when determining income tax. itemized deduction. An expense, such as state and local ta...