1. In an electronic document, a signature that consists of lines of text or a text box stating the signer’s name, date/time, and a statement indicating a signature has been attached from within a software application. 2. Electronically encrypted certification called public key infrastructure that is added to electronic documents to verify the identity of the signer. It is mandated in the Health Information Portability and Accountability Act for electronic prescriptions and other online documents.
Insurance Encyclopedia
Diligent effort
A required search by a broker to place coverage with an admitted insurer authorized to write and actually writing that kind and class of insurance in the state before procuring coverage in the surplus lines market, unless the insured is classified as an exempt commercial purchaser or industrial insured, which are exempt from diligent effort requirements (TIC 981.004).
Dim Weight
Dimensionalized Weight determined by calculating length x width x height and dividing by 166. Charged when actual weight is less than the Dim. Weight.
Diminishing debt
See: DEBT 1.
Diminishing risk
See: REDUCING EXTRA RISK.
Diminution of value
The idea that a vehicle loses value after it has been damaged in an accident and repaired.
Dinghies
See: BOAT INSURANCE.
Dingy claim
Insurance claim that cannot be processed due to the type of software program used to transmit the claim; it may be incompatible with the receiving system.
Dip down proviso
See: Drop Down Cover.
Dip-Down Clause
Umbrella liability provision specifying that, in the event the primary Policy aggregate limit is exhausted or reduced, the Umbrella Policy will ‘dip-down’ and pay primary losses incurred during the Umbrella Policy period.