Excess (or deductible) definition

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Excess (or deductible)

Excess (or deductible) logo #20546Specified initial amount of a claim that the insured has to contribute. If a claim is less than the excess stated in the policy, no payment is made by the insurers. Excesses do not apply to Employers' Liability Compulsory Insurance, as the insurer is responsible for any payments due to the employee.
Found on http://www.encyclo.co.uk/local/20546
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