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Insurance Glossary
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There are 11 names in this directory beginning with the letter D.
Damage Damages
Compensation for loss suffered, which is awarded by courts and endeavours to place a person in the position where they would have been had the loss not been suffered.

To refuse. For example, the insurer may decide not to accept a proposal for insurance or perhaps decline to accept a claim.

Person or entity being sued by the plaintiff.

Deposit premium
Amount paid by a client as an initial premium under a policy. The deposit premium is subject to adjustment at the end of the policy period based on, for example, claims experience. After adjustment, the insured receives a refund or is required to pay extra premium, as the case may be.

A decrease in the value of any type of property over a period of time resulting from use, wear and tear, or obsolescence.

Direct insurer
Is an insurer which deals direct with the consumer rather than through an intermediary or agent.

Direct policy
The parties to a direct insurance contract are the insurer and the original insured. The term is used to differentiate the direct policy contract from any reinsurance contract that may be arranged as a result of the direct policy contract.

A disaster is said to have occurred when the normal community and organisational arrangements cannot cope with a hazard impact.

Doctrine Of Precedent
Reliance by judges on previous judicial decisions when deciding similar cases before them.

Due date
The date a policy is in force to and by when a renewal premium must be paid.

Duty of disclosure
A requirement under Section 21 of the Insurance Contract Act. The insured has a duty to disclose every matter known to be relevant to the insurer, or that a reasonable person in the circumstances could be expected to know to be relevant to the insurer. The duty applies up until a contract is entered into, and when it is renewed, varied, reinstated or extended. An intending insured must be advised of their duty to disclose material facts.
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