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The excess is an insurance stipulation designed to lower premiums by sharing a few of the insurance threat with the policy holder.
A standard insurance plan will have an excess figure for each type of cover (and potentially a different figure for particular types of claim). If a claim is made, this excess is subtracted from the quantity paid out by the insurer. So, for example, if a if a claim was produced i2,000 for possessions taken in a burglary but the home insurance plan has a i1,000 excess, the supplier might pay out. Depending on the conditions of a policy, the excess figure may...