Glossary of Insurance Terms
Printed with permission from the Insurance Institute of Canada.
Please choose a letter to continue:
Daily Report
Data Processing (Equipment Insurance)
Debris Removal
Declaration
Decline
Deductible
Deductible Clause
Depreciation
Direct Billing
Directors and Officers Liability Insurance
Disability
Disclosure
Driver Training Credit
Dwelling
Daily Report
Copy of the policy or bond for company or agency records.
This term may also include all correspondence, notes,
inspection reports, credit reports, etc. pertaining to
the policy.
Data
Processing (Equipment Insurance)
A special insurance usually on an all risks basis. Covers
physical loss and loss from business interruption if the
damage necessitates shutdown of operations.
Debris Removal
A provision in an insurance policy most commonly found in
fire insurance providing indemnification for the cost of
removal of the debris after a fire.
Declaration
Statement, signed by the insured, warranting that
information given by him is true.
Decline
To refuse acceptance of an insurance application.
Deductible
An agreed specified sum to be deducted from the amount of
loss and assumed by the insured. See also Franchise.
Deductible Clause
A clause defining the amount of loss for which insured is
liable; defines insurer's and insured's contributions to
cover losses.
Depreciation
Reduction in value of property through use, aging,
deterioration and obsolescence.
Direct Billing
A system for the collection of premiums whereby the
insurance company "directly bills" the insured
for the premium in lieu of the conventional collection of
premiums by the agent or broker. The insurer sends a
statement to the agent, usually monthly, recording the
premiums collected directly, and credits the agent with
the commission on those items.
Directors
and Officers Liability Insurance
Protection for officers and directors of a corporation
against damages resulting from negligent or wrongful acts
in the course of their duties. Also covers the
corporation for expenses incurred in defending lawsuits
arising from alleged wrongful acts of officers or
directors. These policies always require the insured to
retain part of the risk uninsured.
Disability
Inability to carry on in one's normal occupation due to
accident or sickness.
Disclosure
Act of making known something known.
Driver
Training Credit
To encourage driver education courses at schools and
colleges, many insurers grant premium rebates to
applicants for private passenger automobile insurance who
have successfully completed an approved training program.
Dwelling
The living quarters occupied, or intended for occupancy,
by a household.
