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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.


Insurance that an insurance company buys for its own protection, spreading the risk amongst lots of insurers. Reinsurance allows companies to get involved with major risks. 

Renewal notice

This is what businesses and individual policyholders get from their insurance company when the time comes to renew a policy.

Reviewable critical illness cover

The premiums with this type of cover are reviewed to see if they will change.

Reviewable term insurance

The premiums will usually increase every year.


Risk is used to describe the chance of someone making a claim. For life insurance this is assessed using health, age, occupation, lifestyle, gender and family medical history.

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