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Insurance Glossary

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D.A.F. (Delivery At Front)
One of the terms of contract of where the seller undertakes to deliver the goods at a named place or point at the frontier (at the border between the two nations)

D.D.P. (Delivery Duty Paid)
One of the terms of contract of sale where the seller undertakes to deliver the goods at the named place in the country of the importer and also pay the customs duty.

D.D.U. (Delivery Duty Unpaid)
One of the terms of contract of sale where the seller undertakes to deliver the goods at the named place in the country of the importer, but that the duty for the goods shall be paid by the buyer.

D.E.F. (Delivery Ex Ship)
One of the terms of contract of sale where the seller where the seller has the responsibility to arrange shipment of the goods up to the destination port and bear costs as well as risk up to that point.

D.E.Q. (Delivery Ex Quay)
Similar to a D.E.F. contract but that the seller has responsibility to see that the goods are placed in the quay.

Dacoity
Robbery committed by a group of persons. Standard Burglary Insurance Policy issued to both business houses and dwellings cover loss of property arising out of a dacoity

Damage by hooks, mud, oil or Other extraneous substances.
Group of extraneous perils covered as an extension to the coverage granted under the marine cargo insurance policy subject to the Institute Clauses ICC © or ICC (B) on payment of appropriate additional premium. The losses grouped under this category are, damage by hook, oil, mud and contamination by any extraneous matters. The hooks used by the dock labour for moving goods in bales, rolls or bags cause extensive damage and loss of contents. Contamination by mud, acid and other chemicals is also frequent in respect of bagged or baled cargo.

Damages
Monetary compensation awarded at law for a civil wrong or a breach of contract

Date of issue
Date on which the policy, evidencing the coverage has been issued by the insurer

DCDRF
District Consumer Disputes Redressal Forum. Complaints against insurers for deficiency of service can be filed by the policyholders in the district forums where the compensation claimed does not exceed Rs.5,00,000/-. The District forums have jurisdiction over one or more districts.

Dead Well
A well that has ceased to produce oil or gas either temporarily or permanently.

Deadfreight
When space is booked on a vessel but is not used by the party who booked the space, freight is still payable. This is called Deadfreight. The right to such deadfreight is normally exercised by the shipowner only under charterparties

Deadweight
The maximum weight in tons of the cargo, stores, water, fuel and crew, all put together which a ship can carry when loaded down to her load-line level.

Dealer
Authorised agent of manufacturer for sale of the manufactured goods/vehicles

Death
Termination of life as a result of an accident. In order that claim for such death is recoverable under the policy, the beneficiary should furnish to the insurer a death certificate issued by the concerned authority. Sometimes a postmortem certificate may also be insisted to establish the cause of death.

Death Benefit
A payment made to the nominee or the legal heir of the insured under a Personal Accident Insurance Policy in the event insureds death.

Death Claim
Claim lodged under the policy by the beneficiary for the death of the insured or the insured person.

Debenture
A bond that is backed only by the general credit of the issuing corporation. No specific property is pledged as security behind the loan.

Debentures -Convertible / Non-Convertible
When Debentures are issued with specific understanding that after a specified period the same will be converted into Equity Capital of the Co. either at a price determined or a price to be fixed as per the formula determined. For instance, a Debenture of Rs. 1000/- issued at 14% interest for 5 years can be converted at the end of 5 years into Equity at a price of say Rs. 15 per share (Face value Rs. 10) at the end of 5 years or at a price equivalent to the average of the six monthly trading price prior to the date of conversion. When no such compulsory conversion into Equity is specified in the Debenture the same becomes Non-Convertible Debenture.

Debentures - Optionallly Convertible
A Company can issue Debentures giving the option to the lender to convert into Equity at a specified price or a formula and in case the lender does not exercise the option the Debenture will be redeemed on the specified date. In this case the lender has an option to convert or not depending on the market price of the share on the date of the conversion or any other factor he may consider for Conversion.

Debentures - Project
Money raised through Debentures by a Company, for setting up a new project or for Capital Expenditure. Normally the period of such Debentures are long term which are covered not only for the construction period of the project but also upto the period by which the Company will be able to earn out of the new project to redeem the debentures. Normally such Project Debentures are appraised by the Financial Institutions.

Debentures - Rated Or Unrated
Debentures are instruments, which are normally rated by Credit Rating Agencies like ICRA, CRISIL. These Agencies rate the Debentures depending on the capacity of the Comapny to redeem the debentures on the due dates and also to pay interest on due dates. Normally a strong rating is indicated by a rating of AAA and it goes down to `AA or `A, even `BBB. However IRDA Norms prescribe that the minimum rating for investments should be of `AA and it can be reduced to A+ in specific circumstances by the Investment Committee of the Insurance Company.

Debentures- Secured
Debentures issued by charging any of the assets of the Co.

Debentures -Unsecured
Debentures raised without any security

Debentures -Working Capital
A Company can borrow money from the market for meeting its Working Capital requirements by issuing Debentures. Normally such Debentures are for short periods like 1 or 2 years. They could be either Secured or Unsecured.

Debit and Credit Balances
have been passed can be balanced. If the value of debit items is more than that of credit items the account will show a debit balance and if the value of all the credit entries in the account are more than that of debit entries it will show a credit balance.

Debris Removal Clause
The Clause, when attached to a standard fire and special perils policy, on payment of an additional premium provides cover for an additional amount, in excess of the limits prescribed in the standard fire policy, as agreed to between the insurer and the insured towards costs and expenses necessarily incurred by the insured for removal of debris resulting from an accident.

Debt Service
Cash required in a given period, usually one year, for payments of Interest and current maturities of Principal, on outstanding debt. Project financiers would require the owner of the project to take out insurance for debt service also in the event of delay in the commencement schedule of the project arising out of accidental damage to the project materials.

Deceptive practice
Concealment of actual fact. Eg. Insurance official or the agent giving impression to the prospect of some coverage being provided in the policy while no such coverage appears in the policy document.

Decision Support System
A part of the Management Information System that provides answers to problems and that integrates the decision-maker into the system as a component.

Decision Tree
Diagram that illustrates all possible consequences of different decisions at different stages of decision making.

Deck cargo
Cargo carried on deck of a ship. Insurance on cargo is normally deemed to apply only to cargo carried under deck unless specifically incorporated in the policy to the effect that the cargo is carried on deck.

Declaration
Statements in an insurance contract that provide information about the property or life to be insured and used for underwriting and rating purposes and identification of the property or life to be insured.

Declaration Clause
A clause which appears in marine cargo insurance open policy or open cover. This provides that all dispatches coming under the purview of the open cover/open policy should be declared for insurance without exception, whether arrived or not.

Declinature
Refusal of an insurer to accept a risk proposed for insurance or to renew an existing insurance

Deductible
The proportion of loss that the insured bears in respect of any claim. This will be in two forms, namely, Amount of excess, which will be mentioned either as a fixed amount or a percentage of the sum insured or the claim amount. Time excess by which the insured will not be entitled to the claim relateable to a specific period (usually number of days) stated in the policy

Deductible, period
Deductible to be applied in respect of each claim expressed in the form of number of days claim relating to which will not be payable under the policy.

Defeasible Interest
A term relevant to marine adventure. An interest that may cease to exist after commencement of voyage. e.g. an importer insuring the goods which he bought from overseas seller, although he is entitled, if the seller be guilty of delay or other default, to reject the goods, or treat them at seller's risk

Defendant
One of the parties in a negligence law suit from whom the other party seeks relief for certain wrong complained of by the latter to have been committed by the former.

Defense Costs
Costs and expenses incurred by the defendant in a law suit in connection with defending the suit filed against him by the plaintiff (the party seeking relief from the defendant)

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