Definition and meaning of ELIMINATION PERIOD :

ELIMINATION PERIOD: A kind of deductible or waiting period usually found in disability policies. It is counted in days from the beginning of the illness or injury.

(Source: Insurance Information Institute )

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Definition and meaning of EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA :

EMPLOYEE RETIREMENT INCOME SECURITY ACT / ERISA: Federal legislation that protects employees by establishing minimum standards for private pension and welfare plans.

(Source: Insurance Information Institute )

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Definition and meaning of EMPLOYEE DISHONESTY COVERAGE :

EMPLOYEE DISHONESTY COVERAGE: Covers direct losses and damage to businesses resulting from the dishonest acts of employees. (See Fidelity bond)

(Source: Insurance Information Institute )

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Definition and meaning of DEMAND DEPOSIT :

DEMAND DEPOSIT: Customer assets that are held in a checking account. Funds can be readily withdrawn by check, Òon demand.Ó

(Source: Insurance Information Institute )

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Definition and meaning of DREAD DISEASE COVERAGE :

DREAD DISEASE COVERAGE*: See Specified disease coverage

(Source: Insurance Information Institute )

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Definition and meaning of DISABILITY :

DISABILITY*: In disability insurance, the inability of an insured person to work due to an injury or sickness. Each disability policy has a definition of disability that must be satisfied in order for the insured to receive the policyÕs benefits. (See Residual disability; Total disability)

(Source: Insurance Information Institute )

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Definition and meaning of DISABILITY INCOME INSURANCE :

DISABILITY INCOME INSURANCE*: A type of health insurance designed to compensate an insured person for a portion of the income lost because of a disabling injury or illness. Benefit payments are made either weekly or monthly for a specified period during the continuance of an insuredÕs disability. (See income protection insurance)

(Source: Insurance Information Institute )

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Definition and meaning of DIVIDEND :

DIVIDEND: Money returned to policyholders from an insurance companyÕs earnings. Considered a partial premium refund rather than a taxable distribution, reflecting the difference between the premium charged and actual losses. Many life insurance policies and some property/casualty policies pay dividends to their owners. Life insurance policies that pay dividends are called participating policies.

(Source: Insurance Information Institute )

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Definition and meaning of DIVIDEND ACCUMULATIONS OPTION :

DIVIDEND ACCUMULATIONS OPTION*: See Accumulation at interest option.

(Source: Insurance Information Institute )

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Definition and meaning of DOUBLE INDEMNITY BENEFIT :

DOUBLE INDEMNITY BENEFIT*: An accidental death benefit that is equal to the face amount of a life insurance policyÕs basic death benefit and is paid when the insuredÕs death is the result of an accident as defined in the policy. (See Accidental death benefit/ADB)

(Source: Insurance Information Institute )

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Definition and meaning of DOMESTIC INSURANCE COMPANY :

DOMESTIC INSURANCE COMPANY: Term used by a state to refer to any company incorporated there.

(Source: Insurance Information Institute )

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Definition and meaning of DIRECTORS AND OFFICERS LIABILITY INSURANCE/D&O :

DIRECTORS AND OFFICERS LIABILITY INSURANCE/D&O: Directors and officers liability insurance (D&O) covers directors and officers of a company for negligent acts or omissions and for misleading statements that result in suits against the company. There are a variety of D&O coverages. Corporate reimbursement coverage indemnifies directors and officers of the organization. Side-A coverage provides D&O coverage for personal liability when directors and officers are not indemnified by the firm. Entity coverage, for claims made specifically against the company, is also available. D&O policies may be broadened to include coverage for employment practices liability.

(Source: Insurance Information Institute )

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Definition and meaning of DEATH BENEFIT :

DEATH BENEFIT*: (1) For a life insurance contract, the amount of money paid by an insurer to a beneficiary when a person insured under the life insurance policy dies. (2) For an annuity contract, the amount of money paid to a beneficiary if the contract owner dies before the annuity payments begin.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT :

CREDIT: The promise to pay in the future in order to buy or borrow in the present. The right to defer payment of debt.

(Source: Insurance Information Institute )

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Definition and meaning of CRASH PARTS :

CRASH PARTS: Sheet metal parts that are most often damaged in a car crash. (See Generic auto parts)

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT DERIVATIVES :

CREDIT DERIVATIVES: A contract that enables a user, such as a bank, to better manage its credit risk. A way of transferring credit risk to another party.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT ENHANCEMENT :

CREDIT ENHANCEMENT: A technique to lower the interest payments on a bond by raising the issueÕs credit rating, often through insurance in the form of a financial guarantee or with standby letters of credit issued by a bank.

(Source: Insurance Information Institute )

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Definition and meaning of CREDIT INSURANCE :

CREDIT INSURANCE: Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. The coverage is geared to manufacturers, wholesalers and service providers who may be dependent on a few accounts and therefore could lose significant income in the event of an insolvency.

(Source: Insurance Information Institute )

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Definition and meaning of COVERAGE :

COVERAGE: Synonym for insurance.

(Source: Insurance Information Institute )

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Definition and meaning of CONVERTIBLE TERM INSURANCE POLICY :

CONVERTIBLE TERM INSURANCE POLICY*: A term life insurance policy that gives the policy owner the right to convert the policy to a permanent plan of insurance.

(Source: Insurance Information Institute )

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Definition and meaning of COMPULSORY AUTO INSURANCE :

COMPULSORY AUTO INSURANCE: The minimum amount of auto liability insurance that meets a state law. Financial responsibility laws in every state require all automobile drivers to show proof, after an accident, of their ability to pay damages up to the state minimum. In compulsory liability states this proof, which is usually in the form of an insurance policy, is required before you can legally drive a car.

(Source: Insurance Information Institute )

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Definition and meaning of COMPREHENSIVE COVERAGE :

COMPREHENSIVE COVERAGE: Portion of an auto insurance policy that covers damage to the policyholderÕs car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods and riots), and theft.

(Source: Insurance Information Institute )

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