Everything About Business Process Improvement
The excess is an insurance stipulation designed to lower premiums by sharing some of the insurance threat with the policy holder. A standard insurance policy will have an excess figure for each kind of cover (and perhaps a different figure for specific kinds of claim). If a claim is made, this excess is deducted from the amount paid out by the insurance provider.
So, for instance, if a if a claim was made for i2,000 for personal belongings taken in a burglary however the home insurance plan has a i1,000 excess, the service provider might pay just i1,000. Depending on the conditions.... [Read more…]