Insurance Terms: D

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Insurance Terms-A
  • Death Benefit with a life insurance policy the death benefit is the limit or amount of insurance payments that will be made to the beneficiary when the insured person dies. Death benefits for annuity contracts are the limit or amount of payments made to a beneficiary if the annuity contract holder passes about prior to the annuity payments starting.
  • Declaration is an important part of any property or liability insurance policy. The declaration is generally the page of an insurance policy that outlines the important details and information. The name, address and property covered on the insurance policy including the policy period, and premium amounts. Insurance agents and customer service representatives often refer to the declaration as the “dec page.”
  • Declination is the insurance term used in life insurance when a company rejects a life insurance application. Most often life insurance declination happened due to health or employment risks.
  • Deductible is the amount an insurance policyholder pays first before insurance pays for any covered losses. Usually the deductible is stated as a certain dollar amount, or a certain percentage of the total claim amount. Sometimes the deductible may be a specified amount of time that must elapse (pass) before the insurance benefits will be paid. In many cases the higher the deductible, the lower the cost for insurance premiums.
  • Directors and Officers Liability Insurance (D&O) is a type of liability insurance covering directors and officers of a company for negligent acts or omissions and/or for misleading statements resulting in lawsuits filed against the company. There are many forms of D&O coverage.
  • Disability is when an insured policyholder is unable to work because of an injury or illness. Every disability insurance policy will define the specifics of a disability that are required in order for the insurance policy to pay benefits
  • Disability Benefit is an added feature with some life insurance policies that provides a waiver of premium, and in some cases will pay a monthly income, when an insured policyholder becomes permanently and totally disabled
  • Disability Income Insurance or Disability Insurance is a type of health insurance that may compensate an insured policyholder a percentage of any lost income due to a disabling injury or illness.
  • Dog Bite Liability Dogs have become a security concern because attacks are now the single largest cause of Homeowner insurance claims
  • Domestic Insurance Company is the term used to identify any insurance company incorporated in a state. A Domestic Insurance Company is a company incorporated in that state. A company may be domestic in the incorporated state and do business in other states where it would not be considered a domestic insurance company.
  • Duplication of coverage is a situation where coverage for the same loss may be available under two or more insurance policies.

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Glossary of Insurance Terms:

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