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Dip-Down Clause

Umbrella liability provision specifying that, in the event the primary Policy aggregate limit is exhausted or reduced, the Umbrella Policy will ‘dip-down’ and pay primary losses incurred during the Umbrella Policy period.

Diploma in Insurance

A newly introduced (2004) examination-based qualification recognising the technical’ development achieved by those with a growing understanding of the industry. It requires candidates to pass a 110 credit threshold. Successful CII members can apply to use the designation ‘Dip CII’. See ADVANCED DIPLOMA IN INSURANCE.

Direct billing

A system for the collection of premiums whereby the insurance company directly bills the insured for the premium in lieu of the conventional collection of premiums by the agent or broker. The insurer sends a statement to the agent, usually monthly, recording the premiums collected directly, and credits the agent with the commission on those items.
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HEALTH: Direct billing is when a service provider directly bills the customer. the meaning varies slightly depending on whether the term is used in a health insurance context or a property and casualty (general) insurance context.In a health insurance context, direct billing is the process of a healthcare provider billing an insurance company directly for services rendered to a policyholder. It saves the patient from having to do all the paperwork on their own. In other words, it makes the process of filing health insurance claims easier and less time-consuming.
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MEDICAL,USA: Standard traditional type of bill from an insurance company that is sent to the insured to notify him or her that the monthly, quarterly, or annual premium is due.

Direct business

Insurance placed with an insurer direct and not through an intermediary.
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UK,REFERENCE: See: Direct Insurer.
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The primary cover provided by the insurer for the insured policyholder, as opposed to any reinsurance cover provided for the insurer. Also, known as primary business.