D Flashcards
Date of Issue
date when an insurance company issues a policy.
Declarations
policy statements regarding the applicant and property covered such as demographic and occupational information, property specifications and expected mileage per year.
Deductible
portion of the insured loss (in dollars) paid by the policy holder.
Deferred Annuity
annuity payment to be made as a single payment or a series of installments to begin at some future date, such as in a specified number of years or at a specified age.
Difference In Conditions (DIC) Insurance
special form of open-peril coverage written in conjunction with basic fire coverage and designed to provide protection against losses not reimbursed under the standard fire forms. Examples are flood and earthquake coverage.
Direct Incurred Loss
loss whereby the proximate cause is equivalent to the insured peril.
Direct Loss
damage to covered real or personal property caused by a covered peril.
Direct Writer
an insurance company that sells policies to the insured through salaried representatives or exclusive agents only; reinsurance companies that deal directly with ceding companies instead of using brokers.
Direct Written Premium
total premiums received by an insurance company without any adjustments for the ceding of any portion of these premiums to the reinsurer.
Disability Income
a policy designed to compensate insured individuals for a portion of the income they lose because of a disabling injury or illness.
Disability Income – Long-Term
policies that provide a weekly or monthly income benefit for more than five years for individual coverage and more than one year for group coverage for full or partial disability arising from accident and/or sickness.
Disability Income – Short-Term
policies that provide a weekly or monthly income benefit for up to five years for individual coverage and up to one year for group coverage for full or partial disability arising from accident and/or sickness.
Dividend
a refund of a portion of the premium paid by the insured from insurer surplus.
Domestic Insurer
an insurance company that is domiciled and licensed in the state in which it sells insurance.
Dual Interest
insurance that protects the creditor’s and the debtor’s interest in the collateral securing the debtor’s credit transaction. “Dual Interest” includes insurance commonly referred to as “Limited Dual Interest.”
