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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.

Term

The length of time the policy runs for.

Term insurance

Life insurance for a set term which will pay out a tax-free amount if the policyholder dies.

Third party

A party involved in a claim who is neither the policyholder nor the insurance company.

Trust

A means of managing a person's estate after they've died.



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