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Definitions
- D
Death
Benefit
A payment made to a designated beneficiary upon the death
of the employee annuitant.
Decreasing
Term Insurance
Level Premium Term insurance with death benefits that
decrease each policy anniversary. The death benefit may decrease
according to a schedule that fits a declining need, such as
a loan balance.
Deferred
Annuity
Annuity payments that will begin at some future date.
Deferred
Compensation
Arrangements by which compensation
to employees for past or current services is postponed until
some future date.
Deposit
Term Insurance
A form of term insurance, not really involving
a "deposit," in which the first-year premium is
larger than subsequent premiums. Typically, a partial endowment
is paid at the end of the term period. In many cases the partial
endowment can be applied toward the purchase of a new term
policy, or, perhaps, a whole life policy.
Direct
Beneficiary
The named beneficiary, to whom death proceeds will be
paid directly upon the insured's death.
Disability
Insurance (DI)
A form of insurance coverage that provides a portion of
income lost as the result of a total or partial disability
caused by either an accident or an illness.
Disability
Overhead Expense (DOE)
A reimbursement plan designed to cover business expenses
during the total or partial disability of a professional or
business person.
Dividend
A refund of part of the annual premium, which is left
over after the company has set aside the necessary reserve.
Domestic
Insurer
An insurance company is a domestic company in the state
in which it is incorporated.
Double
Indemnity
A policy provision usually associated with death, which
doubles payment of a designated benefit when certain kinds
of accidents occur.
Some whole
life policies let you pay premiums
for a shorter period such as 20 years, or until age 65. Premiums
for these policies are higher since the premium payments are
made during a shorter period.
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