What does "excess" mean in this case?

[jasonlulu_2000]

section of cover	up to limit of per insured person	Excess	Section
cancellation of trip	$5,000	$50($15 for loss of deposit	Section 1

YOU ARE COVERED
up to the amount under the cancellation section of this policy (less $ 50 excess) if you abandon the trip (on the outward journey only) after the first full 12 hours.

1. What does the word "excess" mean here? especially (less $50 excess) makes me puzzled.

2. Suppose someone abandons the trip after being delayed 12 full hours, what should he be able to claim from this insurance policy?
The answer given is $4,500, which I have no idea of how to get the number.

Can any native help me sort this out?

Thanks

Jason

 

[Rover_KE]

1. $50 excess means $50 is deducted from each claim. If you claim $200 for loss of a suitcase you can't expect more than $150.

2. Who gave the answer $4,500? I would have expected $4,950.

Rover

 

[jasonlulu_2000]

Thanks!
So "less $50 excess" means that a man will be responsible for less than 50 dollars in compensation, doesn't it?

Plus, "$15 for loss of deposit" makes no sense to me. What does "loss of deposit" mean?

Thanks again for your patience!

Jason