Benefits/contributions that are not subject to the rules applicable to protected rights benefits and contributions. They are provided by contributions to contracted out money purchase pension scheme or appropriate personal pension plan that are in excess of the level needed to secure protected rights benefits.
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Excess charge
See: balance billing .
Excess Clause for Fire Insurance
(i) For policies having sum insured up to Rs. 10 crore per location (not applicable to Dwellings) – (a) the first 5% of each and every claim subject to a minimum of Rs. 10,000 in respect of each and every loss arising out of “Act of God perils.” (b) The first Rs. 10,000 for each and every loss arising out of other perils in respect of which the insured is indemnified by the policy. (ii) Policies having sum insured above Rs. 10 crore per location: (a) The first 5% of each and every claim subject to a minimum of Rs. 25,000 in respect of each and every loss arising out of “Act of God” perils. (b) The first 5% of each and every claim subject to a minimum of Rs. 10,000 for each and every loss arising out of other perils. Excess shall apply per event per insured.
Excess floating policy
A collective fidelity guarantee insurance to provide additional cover on a floating basis to supplement the specified sums insured in respect of the individual employees.
Excess insurance
MEDICAL,USA: 1. Insurance policy or bond that covers the insured against certain hazards. It applies only to loss or damage in excess of a stated amount. 2. Portion of a line that exceeds the insurance company’s net line or retention. 3. Insurance policy that pays over the primary amount of coverage.
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A secondary coverage that pays in excess of the primary policy. Excess insurance does not pay unless the amount lost exceeds a specified amount.
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UK: An insurance adding an excess layer to a primary insurance or other excess layers. It does not contribute to a loss until the limit of the primary or underlying insurances has been reached. Excess layers are used in liability insurance where the limits of indemnity of the underlying insurances do not meet the requirements of the insured.
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Coverage that applies on top of underlying insurance that is primary—insurance that pays until its coverage limit is exhausted at which point the excess coverage takes over. Also see Umbrella liability insurance.
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Insurance Policy designed to provide coverage over one or more similar primary coverage, and which does not pay until the primary Insurer has paid its limit for a particular loss.
Excess Insurer
Insurer providing excess Insurance.
Excess interest
Difference between the minimum rate of interest that is guaranteed on dividends left with the company and the interest actually credited.
Excess interest (Liability)
Interest added to the cash value of a policy above the minimum rate guaranteed by the insurer in the contract.
Excess liabilities
Insurance to cover the excess amount of liability for general average contributions, salvage charges, sue and labour charges and three-fourths collision liability where the full amount is not covered by a hull policy. It overcomes the problem of under-insurance and the rateable reduction in an insurer’s liability consequent upon a rise in value of the hull owing to a rise in tonnage values upon general average is assessed.
Excess liability insurance
An insurance arranged by tour operators in connection with US and Canada fly-drive holidays. The car company effects third party cover for limits in excess of the statutory minimum for the benefit of the car users. Nonetheless the high level of damages awarded to the victims of road accidents in North America may exceed the cover provided. The purpose of excess liability insurance is to cover the liability that is uninsured under the car company’s insurance arrangements.