The front page (or pages) of a policy that specifies the named insured, address, policy period, location of premises, policy limits, and other key information that varies from insured to insured. The declarations page is also known as the information page. Often informally referred to as the “dec” or “dec page.”

A pension plan providing a specific benefit for each employee. The employer is required to make adequate contributions to the plan to fund the promised benefits. No individual accounts are maintained as is done in defined contribution plans.

Social Security benefits available to the spouse or children of a Social Security beneficiary.

US: (1) In property and casualty insurance, the premium deposit required by the insurer on forms of insurance subject to periodic premium adjustment. Also called “provisional premium.” (2) In reinsurance, the amount of premium (usually for an excess of loss reinsurance contract) that the ceding company pays to the reinsurer on a periodic basis during the term of the contract. This amount is generally determined as a percentage of the estimated amount of premium that the contract will produce based on the rate and estimated subject premium. It is often the same as the minimum premium but may be higher or lower. The deposit premium will be adjusted to the higher of the actual developed premium or the minimum premium after the actual subject premium has been determined by audit or reporting of the actual exposures insured during the coverage period.
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MEDICAL,USA: 1. Amount that is paid by a prospective insurance policyholder when an application is made for an insurance policy. It is usually the first month’s estimated premium and is applied toward the actual premium when a statement is sent to the insured. 2. Funds left on deposit with the insurance company for plans subject to premium adjustment. Also called premium deposits .
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UK: 1. Payment under an adjustable policy to an insurer at the inception based on an estimate of fluctuating values, activities or costs that may be adjusted up or down at the end of the term. 2. In non-proportional reinsurance it is the amount paid by a cedant to a reinsurer representing all or part of premiums expected to be earned under the contract. The premium is adjusted at the end of the contract term or periodically within a multi-year contract to reflect actual premiums earned. If the parties work on an adjustable rate basis the deposit premium may be tiated quarterly. nego
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A premium that is payable at the inception (start) of an insurance or reinsurance contract and in respect of which an adjustment premium (usually an additional premium) is due depending on the performance of the contract including, possibly, the amount of the business that is ceded thereunder. Compare minimum premium.
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REFERENCE: See: “Premium, Deposit premium.”
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REINSURANCE: The amount of premium (usually for an excess of loss reinsurance contract), that the ceding company pays to the reinsurer on a periodic basis (usually quarterly) during the term of the contract. This amount is generally determined as a percentage of the estimated amount of premium that the contract will produce based on the rate and estimated subject premium. It is often the same as the minimum premium but may be higher or lower. The deposit premium will be adjusted to the higher of the actual developed premium or the minimum premium after the actual subject premium has been determined.
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REINSURANCE: This arises when the actual premium awaits the outcome of the completion of the treaty or contract period. AT inception the reinsurer therefore receives premium as a deposit subject to its adjustment on completion of treaty or contract period.
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When the price of insurance is tied to fluctuating values or costs that cannot be known until the end of the policy period, inventory or payroll being two common examples, a deposit or provisional premium or estimated premium may be charged at the outset of a policy with final adjustment to come at the end of the term.

Periodic payments, usually monthly, payable to participants under some retirement plans, if such participants are eligible for the benefits and become totally and permanently disabled prior to the normal retirement date.

US: A form of health insurance that provides periodic payments to replace income when an insured person is unable to work as a result of illness, injury, or disease.
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Health and Personal Accident Insurance that provides periodic payments if the insured becomes disables as a result of illness or accident.
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MEDICAL,USA: Type of insurance that provides monthly payments to replace income when the insured is unable to work as a result of illness, injury, or disease—not as a result of a work-related accident or condition. Sometimes called loss of time insurance, nonoccupational insurance , or disability insurance .

An act known formally as the “Dodd-Frank Wall Street Reform and Protection Act” (Dodd-Frank). This 2010 law made dramatic, sweeping changes to the nation’s financial regulatory system. It was enacted to make the U.S. financial system more transparent and accountable and to prevent the type of financial crisis that occurred during 2008. Three specific provisions within Dodd-Frank are likely to increase the nature and scope of legal liability faced by corporate directors and officers. These include
(1) the &#8220clawback&#8221 provision, (2) the whistle-blower provision, and (3) the &#8220

In no-fault auto insurance states with the dollar threshold, it prevents individuals from suing in tort to recover for pain and suffering unless their medical expenses exceed a certain dollar amount.
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In no-fault auto insurance states with the dollar threshold, the threshold prevents individuals from suing in tort to recover for pain and suffering unless their medical expenses exceed a certain dollar amount.

The Federal Bureau of Investigation defines this term as “the unlawful use, or threatened use, of force or violence by a group or individual based and operating entirely within the United States or its territories without foreign direction committed against persons or property to intimidate or coerce a government, the civilian population, or any segment thereof, in furtherance of political or social objectives.” Distinguishing between domestic and foreign acts of terrorism is important because the Terrorism Risk and Insurance Act (TRIA) only applies to acts of foreign terrorists.

Law that imputes negligence to the owner of a business that sells liquor in the case that an intoxicated customer causes injury or property damage to another person. Usually excluded from general liability policies.