A concept similar to probability. The uncertainty present in a particular situation. The chance that the reality will be different than the predicted outcome.
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probable variation of actual experience from expected experience
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The amount of uncertainty that exists in a given situation. For instance, if one has chosen heads in the flip of a coin, the degree of risk present is 50%, since there is a 50% chance any flip of the coin will come up tails. Refer “Law of Large Numbers” and “Probability.”
Insurance Encyclopedia
Degrees and Defenses available to the Defendant for Negligence (Degrees and Defenses available to the Defendant)
Contributory Negligence : If the plaintiff suffers injury or damages partly due to his own fault and aptly due to the fault of the defendant, the damages are reduced according to the blame attaching to the plaintiff.
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Emergency : If a person in a moment of imminent danger acts in a way which causes injury to another, he will not be held liable in negligence if his act was not unreasonable in the difficult situation in which he was placed.
Dehydration
1. Serious physiological condition in which the body’s loss of fluid is more than the body’s intake of fluid. 2. Rendering a substance free from water.
Deinstitutionalization
Change in the location and focus of mental health care and treatment for medically and socially dependent individuals from an institutional to a community setting.
Del-Credere Risks
Risks of debts arising from insolvency or default of a debtor.
Delay
1. An insured event under a travel insurance policy paying agreed sums if the insured’s holiday departure is delayed as a result of specified occurrence, e.g. industrial action, adverse weather, aircraft breakdown, etc. 2. Late arrival of cargo at destination caused by adverse weather, mechanical breakdown or some other reason. The marine extension clause (8.3, Institute Cargo Clauses) extends the warehouse to warehouse clause to provide continuous cover during any deviation, forced discharge, reshipment or trans-shipment or other interruption beyond the control of the insured. The clause extends existing cover during the delay but does not add ‘delay’ as an insured peril so loss of market, etc., will not be covered.
Delay clause (Life Insurance)
A clause that prohibits liability due to damages or loss due to delayed travel.
Delay clause / time clause
See: survivorship clause .
Delay in Completion and Performance Shortfall
Specialised policy for ‘blue chip’ construction companies with sophisticated risk management programmes. Cover provides protection against penalties incurred as a result of late completion of a contract or mile stones within the contract, and the post completion efficacy risk. Policies are customer-specific with negotiable deductibles based on cover up to US$30 million.
Delay in Voyage
As per provisions of 50 of Marine Insurance Act in the case of a voyage Policy, the adventure insured must be prosecuted throughout its course with reasonable despatch, and if without lawful excuse it is not so prosecuted, the Insurer is discharged from liability as from the time when the delay became unreasonable.