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Gray Arrow Glossary






DECLARATION PAGE: That page of the insurance policy which lists the insurance company, its address, name of the policyholder, starting and ending dates of coverage, and the actual coverages given in the contract, including the locations and amounts.

DEDUCTIBLE: The amount of loss paid by the policyholder before the insurance policy benefits become payable.

DENTAL INSURANCE: Coverage for dental services under a group of individual policy.

DEPRECIATION: Decrease in the value of any type of tangible property over a period of time resulting from use, wear, tear, deterioration, and obsolescence.

DIRECT OR HELD COVERED: A condition requiring that the insured voyage be direct from one place to another. If the voyage is delayed en route or there is a deviation from the direct route the insurance cover continues subject to payment of an additional premium, but only if the Assured gives prompt notice of such delay or deviation immediately on receipt of advices, unless the policy provides otherwise.

DISABILITY: A condition that curtails to some degree a person's ability to carry on his normal pursuits. A disability may be partial or total, and temporary or permanent.

DISABILITY INSURANCE: A type of health insurance that pays a monthly income to the policyholder when he or she is unable to work because of illness or accident.

DISCLOSURE: The duty of the Assured and his broker to tell the Underwriter every material circumstance before acceptance of the risk.

DISCOVERY PERIOD: The time allowed to the insured after termination of certain bond and policy provisions to discover that he has sustained a loss which occurred during the period covered by the contract.

DUTY OF ASSURED CLAUSE: This appears in the Institute Cargo Clauses published for use with the MAR form of policy. It directs the attention of the Assured, his agents etc., to the duty (as required by the MIA, 1906) to take reasonable measures to avert or minimize any loss which is recoverable under the policy, also to ensure that all rights against carriers and others are properly preserved and exercised. Underwriters agree to reimburse the Assured for any reasonable expenditure incurred by his compliance with the clause, in practice, these expenses are termed "sue and labor" charges (see Sue & Labor).



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