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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.

Level term insurance

This is a scheme where the sum you are insured for stays the same throughout the term of the policy.

Liability Insurance

This covers sums that the insured is legally liable to pay, plus legal defence costs.

Life insurance

This is one of the most popular types of insurance policies, which pays out a set amount of money to a named person when a policyholder dies. It is useful for those with a family to help provide financial security.

Loss Ratio

This is the ratio of total losses paid out in claims plus adjustment expenses divided by the premiums the company has received from policyholders. If an insurance company pays out £70 in claims for every £100 in collected premiums, then the loss ratio is 70%. 

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