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Death in service benefit

Tax-free lump sum payable on the death of a group life and pension scheme member while still employed prior to retirement. The benefit is a multiple (e.g. four times) of the deceased’s annual earnings. The trustees pay out the lump sum and are not necessarily bound by the member’s nomination as to the beneficiary. Early leavers may exercise rights under a continuation option, to continue with life cover without evidence of health.

Death spiral

Process in which health insurance premium rates continuously increase for individuals or small groups eventually making the insurance unaffordable. It may be due to the fact that healthier and younger employees choose managed care plans, leaving less healthy individuals in experience-rated indemnity plans. Other factors that may add to the problem are contribution strategies used by employers and pricing techniques of a plan.

Death strain

The mortality risk above the level of the ceding office’s retention for which reinsurance may be required. On a risk premium basis this is the difference between the sum insured and retention in the first one or two years.

Debentures

Securities issued by companies acknowledging long-term loans. Debenture holders are entitled to a fixed rate of interest each year regardless of company profits as it is debt capital.

Debit

MEDICAL,USA: 1. In accounting, this is an increase in assets or a reduction in liabilities or capital. It is the opposite of credit and an accounting entry is posted on the left side of the financial ledger. 2. In insurance, debits represent underwriting factors that have an unfavorable effect on an individual’s mortality rating. This term is used in a numerical rating system.
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Collection of premiums of industrial type Insurance. A group of industrial policies assigned to an Agent for collection and servicing.
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The amount of premiums outstanding and business to be collected by debit or home service agents. This can also refer to the area these customers live in.

Debit Life Insurance

Debit life insurance (also known as Industrial Life Insurance) is a type of insurance where the premium is paid weekly, biweekly, or monthly and is collected by an agent of the insurance company who visits the insured at his or her home in order to collect the premium. Debit life insurance is often purchased by people with low incomes. Face amounts are often small and used principally for final expenses.

Debris Removal

Debris removal pays for the expense of removing debris caused by a covered peril. Normally the debris must be removed within 180 days. For example, a person’s home may be a total loss due to a fire. The charred remains of the house are “debris” and the removal of the remains is not covered in the value of the house. The debris removal clause provides coverage to clear the lot.Most homeowner and commercial fire policies include debris removal. It is important to note that the coverage does not include clean up of any pollutant.