- in an insurance policy, excess clauses specify that the policyholder will be responsible for a portion of claims under certain conditions. Glossary of Business Terms————The dollar amount by which the equity exceeds the margin requirements in a performance bond account. Chicago Mercantile Exchange Glossary
* * *▪ I. excess ex‧cess 1 [ɪkˈses, ˈekses] noun [countable, uncountable]1. a larger amount of something than is allowed or needed:
• He told the Federal Assembly that the devaluation would compensate for an excess in public spending during the past nine months.2. in excess of more than a particular amount:
• ships carrying in excess of 20,000 tonnes of cargo3. INSURANCE a condition in an insurance policy that states that the insured person will pay a particular amount towards any damage and the insurance company will pay the rest. This condition makes people less likely to claim for small amounts:
• The insurance company will pay the insured value less the policy excess.[m0] ▪ II. excess ex‧cess 2 [ˈekses] adjective [only before a noun]1. additional and not wanted or needed because there is already enough of something:
• An excess supply of goods and services on the market will exert downward pressure on prices.2. TRAVEL excess baggage/luggage bags or cases that weigh more than the limit the airline allows you to take on a plane:
• As I checked in at Baghdad airport, I found that I had 100kg of excess baggage.
• an excess baggage charge
* * *Ⅰ.excess UK US /ɪkˈses/ noun► [S or U] an amount that is more than is needed, expected, or acceptable: »
If you retire having saved more than £1.4m you will face a one-off 33% tax charge on the excess.»
Any excess over these expenses represents profit attributable to shareholders.excess of sth »
There is still, in many industries, an excess of productive capacity.► [S] UK (US deductible) INSURANCE a part of the cost of an accident, injury, etc. that you agree to pay yourself when you buy insurance: »
Cover would cost £239 a year with a £75 excess, or £215 a year with a £250 excess.excess on sth »
The policy carries a £40 excess on most claims.● in excess of — Cf. in excess ofⅡ.excess UK US /ɪkˈses/ adjective [before noun]► more than is needed, expected, or acceptable: »
Rents may be lower than ownership costs, meaning renters can invest the excess cash.»
The machine can generate electricity using excess heat that would otherwise be wasted.
Financial and business terms. 2012.