Insurance that provides for the replacement value of property that has been damaged. Depreciation is not subtracted from the value of the item.
Insurance Encyclopedia
Depreciation Reimbursement Riders for Motor Insurance
The depreciation under the standard policies for replacement of parts damaged in an accident covered under the policy is being waived under this add-on. However, the add on is sometimes conditional to the age of vehicles being below 3 years and not more than two OD claims having been lodged during the policy perod. The repair of the vehicle to be done at the insurers approved repairer. The deductibles under the policy will be applicable. (a) The variations among insurers may be on partial reimbursement, if repairs at insured’s regular repairer. (b) A restriction on the maximum claims for this benefit in a policy year (c) Tyres and batteries would be excluded.
Depression
A Region of low barometric pressure in high or mid-latitudes. Also called cyclone or low a large body of rotating and rising air below normal atmospheric pressure which often brings rain.
Derelict
Failing in one’s duty.
Derivative
A financial instrument that derives its value from an underlying asset (equity, bon or commodity) or an underlying index. A weather derivative is linked to an index derived from a weather variable such as temperature and addresses the volume risk of weather-sensitive firms. Financial derivatives are used as a tool to manage financial price risks. They consist of: forward contracts, tailor-made contracts to eliminate the risk of some form of price uncertainty; futures contracts, exchangetraded standard forward contracts; swaps, a package of forward contracts simultaneously arranged; options, financial markets equivalent of an insurance policy. These contracts allow entities to hedge against future price changes or take positions to offset the impact of unwelcome price changes or other specified conditions.
Derivative file
Subset from an original identifiable file.
Derivative suit
A lawsuit brought by one or more shareholders on behalf of the corporation and seeks to enforce a right of action belonging to the corporation. Any recovery in a derivative suit is paid to the corporation and the individual shareholders who prosecute the derivative suit are benefited only indirectly by reason of the corporation benefiting. The claims asserted by the plaintiff and the defenses available to the defendants in a derivative suit are generally the same as if the corporation itself was prosecuting the claim.
Dermatology
Study of anatomy and physiology of skin, hair, and nails and the diagnosis and treatment of their diseases and disorders.
Derogatory remark
Statement, written or oral, giving an unfavorable or negative opinion of another individual or situation.
Description of risk clause
Some statements e.g. ‘the lorry will deliver coal,’ describe the risk rather than warrant it. The clause operates like an exclusion in that it suspends cover when the actual use is not as described. Cover reattaches when normal use, i.e. delivering coal, resumes. A warranty would terminate cover, not suspend it, at the moment of breach (Farr v. Motor Traders (1920)).