With terms like 'excess' and 'endorsement' used by risk professionals every day it's helpful to know what they mean in plain English. And no, 'excess' isn't something that happens at the best parties!
Flood InsuranceThis is designed to reimburse property owners from loss due to flood. Usually sold in connection with a government flood insurance plan. Some insurers no longer offer insurance policies in places where there is a high risk of flooding.
Decreasing term insurance
This type of policy is one in which the amount insured for goes down over the term of the policy. It is often used to protect a repayment mortgage as the amount owed goes down each year.
This is effectively a large excess and the sum insured should include the amount of the deductible. This usually applies to property risks.