- Data Processing Insurance: Coverage
for electronic media, computers, and other electronic data
processing equipment. No coinsurance is applied to this
type of coverage.
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- Death Benefit: A life insurance
payment made to a designated beneficiary upon the death
of the insured.
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- Declarations: Information such
as name, description, and location of insured property,
premiums payable, coverage amounts, are placed on what agents
call the Declarations Page.
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- Declination: The insurer's rejection
of an insurance application.
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- Deductible: The amount which
a policyholder agrees to pay, per claim or per accident,
toward the total amount of an insured loss.
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- Deferred Annuity: An annuity
deferring income payments to begin at some specified future
date.
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- Deferred Compensation: Arrangements
by which compensation to employees for past or current services
is postponed until some future date.
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- Defined Contribution Plan: A
plan which the contribution rate is fixed and benefits to
be received by employees after retirement depend upon the
contributions and their earnings.
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- Dental Insurance: An individual
or group insurance plan that will pay for costs of normal
dental care as well as damage to teeth from an accident.
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- Dependent: An individual, usually
a spouse or child, who depends on another for financial
support and maintenance.
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- Deposit Premium: The premium
deposit paid when an application is made for an insurance
policy. It is usually equal to the first month of estimated
premium and is applied toward the total premium when billed.
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- Depreciation: The decrease of
value in property over a period of time due to wear and
tear or obsolescence.
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- Direct Loss: Any financial loss
that results directly from an insured peril.
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- Direct Writer: An insurance
industry term for which an insurance company uses their
own sales employees to write insurance policies.
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- Directors' and Officers' Liability
Insurance: The protection of corporate directors and
officers from liability arising out of errors in judgement,
duty breachments, and any wrongful acts related to their
organizations.
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- Disability: A physical or mental
impairment that limits major life activities of an individual.
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- Disability Benefit: The payment,
made usually monthly, payable to participants under a Disability
Income policy or a provision of some other policy.
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- Disability Income Insurance:
A type of health insurance that provides a periodic payment
to replace income when the insured is unable to work as
a result of illness, injury, or disease.
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- Disappearing Deductible: A deductible
in an insurance contract that provides for a decreasing
deductible amount as the size of the loss increases.
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- Dismemberment: Loss of a body
member (limbs), or use thereof, or loss of sight due to
injury.
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- Dismemberment Insurance: A type
of health insurance that provides payment in case of loss
by bodily injury of one or more body members (such as: hands
or feet) or sight of one or both eyes.
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- Disposable Personal Income:
Personal income minus personal tax and nontax payments.
This is the income available to people for spending and
saving.
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- Dividend: An amount returned
to a policyholder by an insurance company out of its earnings.
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- Dividend Additions: An option
to where an insured can pay-up insurance purchased with
a policy dividend and add to the face amount of the policy.
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- Dollar Threshold: In Florida,
and other no-fault auto insurance states with the dollar
threshold, this prevents individuals from suing in tort
to recover for pain and suffering unless their medical expenses
exceed a certain dollar amount.
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- Domestic Insurer: An insurance
company is considered a domestic company in the state in
which it is incorporated.
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- Double Indemnity: An insurance
policy provision usually associated with death, which doubles
payment of a designated benefit when specified causes or
under specific circumstances occur.
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- Driver Education Credit: A student
discount or reduction in premium amount for which younger
drivers become eligible on completion of a driver education
course. These courses are available in most public school
systems.
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- Duplication of Benefits: A situation
where identical or overlapping coverage of the same type
exists between two or more health insurance plans.
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- Dwelling Forms: An insurance
policy designed to cover a dwelling and the personal property
that is in it plus some additional coverage's. There are
several forms available, check with us for your dwelling
insurance needs.
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Back to the Glossary
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