Damage that directly occurs as a result of a particular hazard. For example, flood damage.
Insurance Encyclopedia
Direct Market
The Insurance market in which the insurable interest of the ship-owner, cargo-owner etc. is placed.
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Reinsurers that deal with the cedant through their account executives, rather than through intermediaries. See Brokerage market.
Direct pay
1. System of billing members or subscribers of insurance policies for the premium payments, and they pay directly to their health plans. Direct pay rates are usually higher than group rates. Also called billed direct or billed-at-home . 2. Phrase used when the patient pays straight to the physician or health care provider for medical services rendered.
Direct payment subscriber
Individual enrolled in a managed care plan who pays premiums to the plan instead of through a group. Usually, payment is higher and benefits are not as wide ranging as the subscriber enrolled and paying as a member of the group.
Direct placement
Sale of a whole issue of bonds or stock to one or two large institutional clients without them being offered publicly.
Direct Premium Written
The aggregate amount of recorded originated premiums, other than Reinsurance, written during the year, whether collected or not, at the close of the year, plus retrospective audit premium collection, after deducing all return premiums.
Direct premiums
Property or casualty insurance premiums that are collected by the insurance company from the insured, before reinsurance is ceded to, or accepted from, another company.
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Premiums collected from policyholders before premiums for reinsurance are paid.
Direct Property for Loss
A loss that occurs because property that is damaged, destroyed, or taken by a specified peril must be repaired or replaced.
Direct referral
Simplified authorization request form completed and signed by physician and handed to the patient at the time of referral.
Direct response distribution system
Method used in insurance to generate sales such as advertisements, telephone solicitations, and mailings. Insurance agents do not visit consumers to produce sales.