Glossary

The declarations is the front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured.

A declaratory judgment is a legally binding judgment where a court declares the rights and obligations of the parties to a written agreement, such as an insurance policy or other contract.

Declassification is a corporate governance term, referring to a board of directors in which all directors stand for reelection in the same year.

Declination refers to the act of rejecting an application for insurance.

Decreasing term life insurance refers to a term life insurance policy where the face amount declines by a stipulated amount on a periodic basis.

The deductible is the amount the insurer will deduct from the loss before paying up to its policy limits.

A deductible plan is a liability or workers compensation insurance rating plan under which an insured retains each loss up to the deductible amount and for which the insurer remains responsible for claim payment if the insured defaults.

Deductible reduction incentive provisions are sometimes included within professional liability policy forms that, under certain conditions, reduce the policy's deductible, typically by 50 percent, if certain conditions are met.

Deemers are some insurers who attach endorsements to property insurance policies in which all property damage (PD) is "deemed" to have occurred at a specific moment in time.

A deemer period concerns rate and form approval laws in states that regulate rates and forms via the "file and use" system.