Electronic database used to verify beneficiary eligibility for those individuals in the TRICARE programs.
Insurance Encyclopedia
Defense expenses
Reasonable costs, charges and fees (including attorneys fees and expert witness fees) incurred by insureds in defending or investigating covered claims, including the premium for any appeal, attachment or similar bond. D&O, EPL, Fiduciary and similar insurance policies usually define this phrase. Those definitions typically exclude coverage for compensation or benefits paid to directors, officers or employees of the insured company and other overhead expenses of the insured company.
Defensible space –
A buffer space around a building between the building itself and trees, shrubs, grass, or any wildland area nearby. This area is designed to help prevent or slow the spread of wildfires and prevent buildings from catching fire. See Cal Fire Defensible Space.
Defensive medicine
Physician’s policies and procedures such as complete documentation, overuse of tests, increased hospital admissions, or extended hospital stays that are done on each patient to guard against the risk of malpractice lawsuits or to provide a defense in case such a lawsuit occurs.
Deferment of bonus
Life insurance underwriting method for slightly impaired lives proposing for ‘with profits’ life assurance. Acceptance is at ordinary rates but bonuses shall not vest until maturity, or until attainment of the normal lifespan expectation.
Deferral date
Month, day, and year after the first anniversary of a group insurance policy to which the insurance company puts off the payment of the policy’s first renewal premium. This might be done so that the full year’s experience assists the insurance company in calculating a new premium rate.
Deferred Account
An agreement whereby an insured or reinsured is allowed to pay premium by installments.
Deferred acquisition costs
Acquisition costs that are carried forward to a subsequent accounting period in order to match such expenses with the income generated.
Deferred Acquisition Costs (DAC)
A deductible from unearned premium, as they become earned, for acquisition and commission costs.
Deferred annuity
1. Stipulation in an annuity contract that provides for income payments to begin at some future date such as a specific number of years or at a specified age. 2. Annuity contract in which premiums are accumulated at interest but the annuity payment period is postponed (deferred) for one or more periods.
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UK: Whereby the annuity payments are deferred for a period of time, often to coincide with retirement. Compare with immediate annuities where the annuity payments commence immediately.