excess policy

excess policy
An insurance policy in which the insured is responsible for paying a specified sum (the excess) of each claim and cannot make claims of a lower value than this excess. For example, a £100 excess on a motor-insurance policy means that the insured has to pay the first £100 of any claim and cannot make a claim on the policy for less than £100. This arrangement enables the insurer to offer the insurance at a lower premium than would otherwise be the case as he avoids the administrative cost of small claims and also makes a saving on claims paid out. See also deductible; franchise

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  • excess policy — One that provides that the insurer is liable only for the excess above and beyond that which may be collected on other insurance. Brownsville Fabrics, Inc. v. Gulf Ins. Co., Tex.Civ.App., 550 S.W.2d 332, 337. See also excess clause …   Black's law dictionary

  • excess policy — One that provides that the insurer is liable only for the excess above and beyond that which may be collected on other insurance. Brownsville Fabrics, Inc. v. Gulf Ins. Co., Tex.Civ.App., 550 S.W.2d 332, 337. See also excess clause …   Black's law dictionary

  • excess insurance — n. A secondary insurance policy covering a loss in excess of that covered under a primary policy; may be referred to as excess policy. Webster s New World Law Dictionary. Susan Ellis Wild. 2000 …   Law dictionary

  • excess clause — An excess clause in insurance policy limits liability to the amount of loss in excess of the coverage provided by other insurance. Federal Kemper Ins. Co., Inc. v. Health Ins. Admin., Inc., 424 Mich. 537, 383 N.W.2d 590, 592. In insurance policy …   Black's law dictionary

  • excess clause — An excess clause in insurance policy limits liability to the amount of loss in excess of the coverage provided by other insurance. Federal Kemper Ins. Co., Inc. v. Health Ins. Admin., Inc., 424 Mich. 537, 383 N.W.2d 590, 592. In insurance policy …   Black's law dictionary

  • excess — ex·cess adj: more than a usual or specified amount; specif: additional to an amount specified under another insurance policy excess coverage excess insurance Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • excess — in an insurance policy, excess clauses specify that the policyholder will be responsible for a portion of claims under certain conditions. Glossary of Business Terms The dollar amount by which the equity exceeds the margin requirements in a… …   Financial and business terms

  • Excess burden of taxation — Taxation An aspect of fiscal policy …   Wikipedia

  • excess — ♦♦♦ excesses (The noun is pronounced [[t]ɪkse̱s[/t]]. The adjective is pronounced [[t]e̱kses[/t]].) 1) N VAR: with supp, usu a N of n An excess of something is a larger amount than is needed, allowed, or usual. An excess of houseplants in a small …   English dictionary

  • excess insurance — Insurance which, by a provision in the policy, is relieved from contributing to other insurers of the same risk; such a policy renders the insurer liable only for the amount of loss or damage in excess of the coverage provided by another policy… …   Ballentine's law dictionary

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