A clause in a marine hull policy providing one value for a total loss and another for all other purposes.
Insurance Encyclopedia
Dual Wages Basis
A basis for the insurance of wages in a business interruption policy giving the insured full cover against having to pay unproductive wages for one period and more limited cover for a further period.
dual-choice (DC) provision
Part of the Health Maintenance Organization (HMO) Act of 1973 in which employers must meet specific specifications to offer health insurance through a federally qualified HMO as an alternative to a traditional health insurance plan. Also referred to as dual choice .
Duck Insurance
The Policy covers all types of migratory and non-migratory birds in India and duck farms consisting of certain minimum number of ducks. All birds in the Poultry Farm, however, should be insured. The Policy provide indemnity against death of ducks due to accident including lightning, flood, cyclone, famine, riot and strike, civil commotion or diseases contracted or occurring during the Policy period. Ducks are usually insured from day one to 52 weeks, 53rd week to 104 weeks and 105 weeks to 120 weeks. Common exclusions as per Poultry Insurance. Specific exclusions include improper management, overcrowding under growth cannibalism, action of predators like carnivorous animals and birds, loss due to temperature variation, sun-stroke, heat stroke, cold-stroke etc., loss due to huddling or piling or improper hygienic care. Duck viral hepatitis, duck viral enteritis (duck plague), ornithosis, duck influenza etc are covered if properly vaccinated and treated in proper time. Transit by any mode excluded. Diseases contracted prior to and within 15 days of commencement of risk excluded.
Due and uncollected premium
Insurance premium that is due an insurance company and has not been received as of a certain date.
Due and unpaid claims
Incurred insurance claims that are due but not paid by the insurance company as of a specific date.
Due care
Legal phrase used in cases dealing with a defendant’s negligence that implies that a person has not been negligent or violated the law in regard to the case in question. It calls attention to the degree of care that a competent person engaged in the same business or endeavor would exercise under similar circumstances. Also called reasonable care, ordinary care, adequate care , and proper care .
Due date
Month, day, and year when payment of a premium should be received by the insurance company.
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The date on which a premium is due for payment.
Due diligence
The process of investigation undertaken when one company is about to acquire another. It means thorough checks on a company’s financial performance and its liabilities, e.g. inadequately insured losses or risks, before a transaction is completed. Reports from solicitors, accountants and insurance brokers are a part of the process. Failure to exercise due diligence could expose directors and officers to claims insurable under directors’ and officers’ liability insurance.
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Proper care and attention. This term is commonly used to refer to the review of financial and legal documents in a merger or acquisition but is equally applicable to virtually any decision-making process, including whether to insure or self-insure, whether to form a captive insurance company, and a host of other risk management decisions.
Dues
Payment needed to maintain membership in a professional association.