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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.


The amount by which an item is underinsured - for example a house which may cost £100,000 to rebuild but is only insured for £90,000.


This describes when the sum insured or the declared value is lower than the value of the risk.

Underwriter (also Insurer)

The person who evaluates the risks and determines the premium and level of coverage.


The process of selecting risks (or rejecting unsuitable risks) for insurance and agreeing premiums.

Utmost good Faith

In other words, the insurance company trusts that the policyholder has given them all the relevant information they need, and hasn't lied or missed any important information.

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