A form that allows storage of information so that it is accessible for future reference, and allows information to be produced without changes. This includes paper, floppy disks, CD-ROMs, DVDs and hard drives where e-mails are stored. See DEMANDS AND NEEDS STATEMENTS.
Insurance Encyclopedia
Durable power of attorney for health care
Document that voluntarily designates a competent individual to make health care decisions if the patient becomes disabled or incapacitated and loses ability and cannot make decisions for treatment including the final decision about stopping treatment. Also see power of attorney . This type of advance directive also may be called a health care proxy or appointment of health care agent .
Duration
Length of time for each happening or occurrence of a medical problem or symptom.
Duration Certificate
A certificate sought by an insurance company from a private medical adviser during the currency of a permanent health insurance.
Duration of inpatient hospitalization
See: length of stay (LOS) .
Duration of policy
Where an insurance is expressed to cover the period from one particular day to another, the insurance expires at midnight on the last day unless otherwise stated. However, a policy may not run its course for the following reasons: (a) payment of the full sum under the policy discharges it; (b) agreement between the parties; (c) termination by the insured in the case of permanent contracts (life and income protection), normally by non-payment of the premium; (d) withdrawal from contract during the cooling-off period; (e) determination for breach of condition or warranty.
Duration of risk
Marine insurance term to denote the period during which the insurer will be liable under the policy. This may mean the duration of a voyage or the completion of a period of time depending on the type of policy concerned, voyage or time. A voyage policy on a hull continues until the ship has moored at anchor in good safety for 24 hours at the port of destination named in the policy but the policy may extend this period. In the case of goods the risk terminates when they are safely landed but this is usually extended by a transit clause. The contract may terminate early if the adventure is not commenced within a reasonable period of time (Marine Insurance Act 1906, s.42(1).
Duty of disclosure
The duty of every person seeking insurance or reinsurance to inform the insurer/reinsurer from whom a quotation for insurance/reinsurance is sought of every material fact. The duty arises when seeking new insurance/reinsurance, when seeking a variation of cover (but only as regards a change in risk where the carrier is the same as before) and at renewal (but only as regards a change in risk where the carrier is the same as before). The scope of the duty may be modified by the terms of a proposal form. Should a person seeking insurance/reinsurance fail to disclose a material fact then this may lead to the avoidance of the relevant insurance or reinsurance by the underwriter. The consequences of non-disclosure may be modified by the terms of the relevant insurance/reinsurance.
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A common law duty on the part of a proposer for insurance to disclose to the insurer all material facts, viz., all facts that would influence a prudent insurer in deciding whether to grant the insurance and, if so, on what terms.
Duty to defend
Part of the insuring agreement of many policies. The insurer has the duty to defend the insured in event of a covered loss.
Duty to Minimize Loss (the “Duty of Assured” Clause)
The Duty of Assured Clause contained in the Institute cargo clauses provides that: (1) The insured must take reasonable measures to avert or minimize any loss recoverable under the Policy. (2) He must protect his right of recovery against the carriers etc. by complying with the legal requirement as to notice of claim on the carriers. Note: The Insurers will, in addition to any loss payable, reimburse the insured for any charges properly and reasonably incurred towards minimizing losses under the Policy.