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INSURANCE DEFINITIONS
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Death Benefit
A life insurance payment made upon the death of an insured person.

Declination
The rejection of an insurance application by an insurance company.

Decreasing Term Insurance
Life insurance which pays out a lump sum if you die within the term, but where the insurance sum assured reduces during the term. The earlier you die in the term, the bigger the payout your dependants get.

Deferred Period
In relation to Permanent Health Insurance (PHI) / Income Protection, refers to the period between the commencement of illness, and the date at which eligibility for payment of benefit under the insurance policy would commence.

Deflation
Deflation is the opposite to inflation and means that the money you have today will be worth more tomorrow. Unfortunately, it isn't as good as it sounds, because it makes people reluctant to spend, which is harmful for the economy. It is also very uncommon.

Dependant
An individual, a spouse or child or someone who depends on another for financial support and maintenance with regard to the normal necessities of life.

Deposit
A sum of money paid by a buyer as part of the sale price of something in order to reserve it. Depending on the terms agreed, the deposit may or may not be returned if the sale is not completed.

Deposit Premium
The premium deposit paid when an application is made for an insurance policy.

Direct Debit
A procedure under which an organisation to whom a payment is due claims the amount directly from the bank account of its debtor.

Disability
Physical or mental condition that prevents a person from undertaking 'normal' duties of a job or the ordinary activities of life. For insurance purposes the word 'disability' will have a special and particular meaning which will be defined in the policy concerned.

Disclosure
The duty of any person applying for an insurance policy to tell the insurer all relevant information affecting the risk. The duty of an intermediary to inform his client if commission is being paid (and, if so, how much) in respect of the business being placed.

Dismemberment
Loss of limb or sight.

Double Indemnity
Payment of twice the policy normal benefit for specific kinds of losses under certain conditions.

Dread Disease Policy
Also called Critical Illness Insurance Policy.

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