DiscoverRisk
  • About you
  • About risk
  • Opinion
  • Applying
Back to World of Risk Back to World of Risk

Glossary


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 Insurance

This 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.

Employers' Liability Insurance

Every UK employer has to have this kind of policy, which protects an employer against accidents to employees.

Endorsement

An amendment to an insurance policy eg a change of address or a new driver added to the policy.

Endowment

This is a life insurance policy that pays out a lump sum to the person who holds it when their policy matures. They are often described as a combination of savings and insurance because the money paid is invested in stocks and shares.

Estate

Refers to the property, money and possessions of a person at time of death - everything they own, in fact.

Excess

The amount that someone has to pay before the insurance company will make a contribution towards a claim.

Exclusion

An event or circumstance where the insurance company doesn't have to pay and compensation under the policy.



Back to World of Risk Back to World of Risk
IAG | Terms & Conditions | Cookie Policy |Sitemap | © Copyright 2016 The Chartered Insurance Institute. All rights reserved

Website by itineris | Email Marketing by Little Green Plane