It differs from a deductible, which eats into the cover, whereas an excess is the first layer which is not covered by insurance. The difference matters only where there is an upper limit in the amount of cover. The first part of each claim not covered by the insurer. Excesses are used in many forms of insurance, and commonly used for motor and household policies. An event, peril of cause which is define within the policy document as being beyond the scope of the insurance cover.
Some companies have a separate pension scheme for senior members of staff.
The expected amount of the death strain at risk for a group of policies over a given period. See also Expenses . This distinction between taking charges out of premiums or assets is easier to draw for unit-linked contracts than conventional contracts. A unitised contract may also have mortality charges or other benefit charges. An expense overrun is when actual expenses incurred exceed those planned.