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Declarations: Statements by the insured giving information about the risk insure on the basis of which the policy contract is issued and the premium determined; usually a part of the contract.
Deductible Clause: A clause in an insurance contract providing that the insurer will pay only that amount of any loss that is in excess of a specified amount.
Demolition Insurance: If there is a loss due to the peril insured against by the policy, this insurance covers further loss due to demolition of any part of a building not damaged by primary peril, if the demolition is required by law or ordinance. In some territories it may include loss due to increased cost of repair or reconstruction of the damaged portions, similarly required.
Deposit Premium: The initial premium payment under an insurance contract that provides for later determination of the exact premium.
Direct Loss: A loss of which the peril insured against is the proximate cause.
Direct-writing Carrier: (1) An insurer that deals with its insureds without the intervention of agents or brokers. (2) The insurer that contracts with the insured, as distinguished from the re-insurer.
Dividend: (1) A payment to a policyholder out of surplus or earnings by a participating insurance carrier. (2) A payment to a stockholder out of surplus or earnings by a stock insurance carrier.
Domestic Carrier: In a given state, an insurer domiciled in that state.
Earthquake Insurance: Insurance against loss caused by earthquake.
Effective Date: The date on which a contract goes into full effect and from which protection is afforded.
Endorsement: An amendment in writing (including print or stamping) added to and made a part of the insurance contract.
Errors-and-Omissions Insurance: Insurance against loss due to failure, through error or unintentional omission, to have insurance in force.
Excess Insurance: (1) Insurance covering above a specified amount. (2) Insurance covering after the loss exceeds the coverage of other insurance.
Experience: Classified statistics of event connected with insurance, of outgo, or of income, actual or estimated.
Experience, Policy-year: The experience under policies written during a given twelve-month period or under policies during a twelve-month period following the anniversary of their date of issue.
Expiration Date: The date on which the insurance contract terminates.
Exposure: (1) The state of being exposed to the chance of loss. (2) The extent of exposure to loss as measure by payroll, gate receipts, area, etc. (3) The chance of fire being communicated to an insured risk from it surroundings.
Extra Expense Insurance: Insurance that covers the extra expense incurred by an insured in order to continue business while damaged premises are being restored.
Financial-responsibility Law: A law requiring an operator or owner of a motor vehicle to give evidence of financial ability to meet claims for damages in order to be licensed to drive a motor vehicle or to have his vehicle registered. Maybe be compulsory on all registrants as in Massachusetts or under specified conditions as in other states.
Fire: An agent that produces heat and flame or glow.
Fire, Friendly: A fire which is not outside the place where it was intended to be.
Fire, Hostile: A fire outside the place where it was intended to be.
Fire Insurance: Insurance against loss caused by a hostile fire; includes loss caused by lightning.
Fireproof Construction: A misnomer. See Fire resistive Construction.
Fire-resistive Construction: Construction designed to offer a high degree of resistance to damage by fire, and making use of non-combustible materials.
Fireproof Construction: A misnomer. See Fire-resistive construction.
Fixtures and Fittings: Articles attached to and a permanent part of a building. Sometimes used to mean articles of furniture and equipment not permanently attached.
Fleet: (1) A group of several insurers under common ownership or management. (2) A group of five or more automobiles owned by one insured and under one direct operating management.
Floater Policy: An insurance contract that covers property in any location within a specified territory.
Flood Insurance: Insurance against loss caused by tidal wave, overflowing of streams, and cloudbursts.
Foreign Carrier: In a given state, an insurer domiciled in another state or, in some states, in a foreign country. See, also, Alien Carrier.
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