The section of an insurance contract containing such information as the name, description, and location of insured property; the name and address of the policholders; the period for which the policy is in force; premiums payable; and the amount of coverage. Also know as a "dec page" or "dec sheet."
Declination
Declination
An insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other relevant factors. Many states have specific rules that prohbit declination for poor credit or other factors that may be infairly discriminatory.
Deductible
The amount that must be paid out of pocket by the insured for covered losses before the insurance company pays a claim. Comprehensive and Collision coverages generally have a deductible of $250 or $500. Choosing a higher deductible will save money, but it’s a trade-off between saving money on your annual premium and having to pay the deductible if you have a loss.
Deposit Premium
The premium deposit paid by a prospective policyholder when an application is made for an insurance policy. It is usually equal to at least the first month's estimated premium and is applied toward the total policy premium when billed.
Depreciation
In auto insurance, depreciation is used to determine the actual cash value of a vehicle, in the event it is determined to be a total loss. Factors such as miles driven, model year and overall condition will be used to determine the current value of the car.
Dollar Threshold
In certain states with no-fault auto insurance, the dollar threshold prevents individuals from suing to recover for pain and suffering unless their medical expenses exceed a specified dollar amount, called the threshold.
Driver Education Credit
Discount on auto insurance premiums for which young drivers become eligible upon completion of a driver education course. Available in certain states.
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