Days of Grace or Grace Period
Period of time after the due date of a premium during which the policy remains in force (when both coverage of risk is available and also the premium can be paid without any late fees).
Debris Removal Clause
An extension to the standard policy to cover the cost of making a seriously fire-damaged building safe and removing debris.
Declaration Basis
An arrangement whereby a provisional premium is paid and subsequently adjusted by an additional or return premium on receipt of a declaration from the insured giving details of values at risk.
Declination
The insurer's refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.
Deductible
A provision whereby an insured may be required to pay part of a loss, the insurance being excess over the amount of the deductible.
Dental insurance
A type of health insurance that covers dental care expenses.
Depreciation
A decrease in the value of property over a period of time due to wear and tear or obsolescence. Depreciation is used to determine the actual cash value of property at time of loss.
Disability
Inability to perform all or part of one's occupational duties because of an accident or illness: see Total Disability and Partial Disability.
Double Insurance
If the insurance policy is taken from more than one underwriter where period of insurance, subject matter of insurance and sum insured are same, then this is called double insurance.
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