(1) in one year accounting, in relation to any underwriting year, any year or years following the end of that year until the claims for that year have been run off, (2) in general business funded accounting the year or years between the underwriting year and the closing of the account.
Insurance Encyclopedia
developmental disability (DD)
Pathological condition (mental retardation or a related condition) that begins to develop before 18 years of age. This chronic disability results in impaired intellectual functioning and/or deficiencies in necessary physical skills used in daily living activities.
Developmental Risk
Risks attaching to products which have recently been launched and which for scientific or technological reasons cannot be anticipated due to the newness of the product.
Developmental Risks
Risks attaching to products which have recently been launched and which for specific or technological reasons cannot be anticipated due to the newness of the product. This may apply to a situation where a new product is introduced in an area where there is no prior experience that it will survive successfully under the prevailing conditions and risk exposures in the area.
Deviate
To file or use a rate that is based on but departs from a standard bureau rate.
Deviated rate
In group creditor insurance, a premium rate for a contributory plan that is higher than the prima facie rate. It is based on the group’s actual claims experience. An insurance company can charge a deviated rate only after the prima facie rate has been in effect for a specific period of time and only after being granted permission by the state insurance commissioner.
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A rate, offered by a company that usually follows the rates recommended by a lawyer, which is lower than the recommended rate in that area.
Deviated Rates
A rate other than the rate that gained approval of the appropriate regulators upon application by a rating organization. This rate is filed by an insurer independent of the rating organization, and is based on the insurer’s own loss and expense data.
Deviating Insurer
An insurer offering rates at a discount, below the rates offered by competitors or promulgated by rate-making organizations.
Deviation
A rate that is different from the manual rate.
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A rate that varies from the manual rate. Deviation : Section 48 of the marine Insurance Act: (01) Where a ship without lawful excuse, deviates from the voyage contemplated by the Policy, the Insurer is discharged from liability as from the time of deviation, and it is immaterial that the ship may have regained her route before any loss occurs. (02) There is a deviation from the voyage contemplated by the Policy: (a) where the course of the voyage is specifically designated by the Policy, and that course is departed from, or (b) where the course of the voyage is not specifically designated by the Policy, but the usual and customary course is departed from. (03) The intention to deviate is immaterial, there must be a deviation in fact to discharge from his liability under the contract.
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UK: Departure of a vessel from the customary or agreed route with the intention of returning to that route to complete the voyage. Under the Marine Insurance act 1906, s.46, the insurer is discharged from liability if the deviation is made without lawful excuse. The Institute Cargo Clauses deviation clause protects cargo owners by ‘holding covered’ during deviations beyond the insured’s control. A similar but more strongly worded deviation clause appears in hull voyage policies. Deviation does not apply to time policies as cover is not based on voyages.
Deviation Clause
An Ocean Marine Insurance clause providing the insured with coverage in the event of a deviation en route beyond the insured’s control. Also, a clause in a charter party or bill of lading allowing the vessel to deviate without resultant liability of the carrier to the cargo owner.