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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.

Income Protection

This kind of policy provides a tax-free monthly income when someone is unable to work due to sickness, accident, redundancy or injury.

Increasing Benefit

Increasing benefit is a form of protection against inflation. In other words, the benefit would increase each year in line with inflation or by an agreed amount.

Inheritance Tax

A form of tax, also known as IHT, that is paid on a person's estate when they die.

Insurance Premium Tax (IPT)

A tax on nearly all insurance policies including car insurance policies (but excluding life insurance).

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