A schedule rating system for property insurance on commercial buildings. It is named for its author, Alfred F. Dean. This system is currently being replaced by a rating plan developed by the Insurance Services Office.
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A system for analyzing relative Fire hazards considering location, exposure, and such factors used as objective standing in determination of Fire Insurance rates in some countries. Formulae for evaluation of Fire hazard y relationship of exposure, occupancy, construction and other related factors.
Insurance Encyclopedia
Death benefit
Amount of money payable to a designated beneficiary after the person insured (policyholder) under a life insurance policy dies. See also basic death benefit and face amount .
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The amount stated in the Policy to be paid upon proof of death of the insured. The sum payable as the result of the death of Policy holder.
Death benefit (Life Insurance)
The total amount payable to the beneficiary upon the death of the insured, as stated in the policy.
Death benefit only plan (Life Insurance/Pensions)
A plan wherein a portion of the insured’s salary is collected, to be paid out in case of the insured’s death.
Death claim
Formal request for payment by the beneficiary under the terms of a life insurance policy after the policyholder of a life insurance policy dies. Certain death forms giving due proof of the death and establishing the beneficiary’s rights to such insurance proceeds must be filed with the company. This is called a death claim .
Death in service benefit
Tax-free lump sum payable on the death of a group life and pension scheme member while still employed prior to retirement. The benefit is a multiple (e.g. four times) of the deceased’s annual earnings. The trustees pay out the lump sum and are not necessarily bound by the member’s nomination as to the beneficiary. Early leavers may exercise rights under a continuation option, to continue with life cover without evidence of health.
Death spiral
Process in which health insurance premium rates continuously increase for individuals or small groups eventually making the insurance unaffordable. It may be due to the fact that healthier and younger employees choose managed care plans, leaving less healthy individuals in experience-rated indemnity plans. Other factors that may add to the problem are contribution strategies used by employers and pricing techniques of a plan.
Death strain
The mortality risk above the level of the ceding office’s retention for which reinsurance may be required. On a risk premium basis this is the difference between the sum insured and retention in the first one or two years.
Debenture
Bond that is not secured by any type of asset but only backed by the general credit of the issuing corporation.
Debentures
Securities issued by companies acknowledging long-term loans. Debenture holders are entitled to a fixed rate of interest each year regardless of company profits as it is debt capital.