Deductible: An agreed upon amount that must be paid by an insured person making a claim against an insurance policy before an insurer will pay any compensation for losses (i.e., a $500 deductible).
Dental Insurance: A type of health insurance that covers dental care and other procedures outlined in the policy.
Depreciation: Drop in value. The decrease in value of an item or property over time due to use, wear, tear, and obsolescence.
Direct or Held Covered: A condition requiring that the insured voyage be direct from one place to another. If the voyage is delayed en route or there is a deviation from the direct route the insurance cover continues subject to payment of an additional premium, but only if the Assured gives prompt notice of such delay or deviation immediately on receipt of advices, unless the policy provides otherwise.
Disclosure: The duty of the Assured and his broker to tell the Underwriter every material circumstance before acceptance of the risk.
Discovery Period: The time allowed the insured after termination of certain bond and policy provisions to discover that he has sustained a loss which occurred during the period covered by the contract.
Donut Hole: Coverage gap. Areas not covered by insurance.
The above information is for general informational purposes only and is not to be construed as a recommendation or advice in any way shape or form.
Copyright 2009 Stephen W. Gersh Insurance Agency, Inc. All rights reserved.