Glossary

The Department of Labor (DOL) is a US federal governmental body with oversight over employment-related issues including employee benefits covered under the Employee Retirement Income Security Act (ERISA).

The Department of Transportation (DOT) is the US governmental agency charged with the oversight of all forms of transportation within the United States.

Dependent properties time element coverage is time element property insurance that pays for the loss of income or increase in expenses resulting from damage from a covered cause of loss to the premises of another organization on which the insured depends, such as a key supplier or customer.

A deposition is the pretrial testimony of a witness under oath, without the presence of a judge or jury, for the purpose of discovering evidence relevant to the lawsuit.

Deposit accounting is the method of accounting for premium when the policy or reinsurance agreement does not qualify as insurance.

A deposit administration plan is a pension plan administered by a life insurance company where pension funds accumulate in a master group annuity policy until a participant retires.

A deposit policy is a contract entered into where the insured puts on deposit with the insurance company a sum of money, and the company, in turn, manages the fund for the insured.

In property and casualty insurance, the deposit premium is the premium deposit required by the insurer on forms of insurance subject to periodic premium adjustment. Also called "provisional premium."

Depreciation is the decrease in the value of property over a period of time, usually as result of age, wear and tear from use, or economic obsolescence.

Deprivation refers to the loss of use of an asset located in a foreign country due to political interference or circumstances.