Deductible: An agreed upon amount that must be paid by an insured person making a
claim against an insurance policy before an insurer will pay any compensation for losses
(i.e., a $500 deductible).

Dental Insurance: A type of health insurance that covers dental care and other procedures
outlined in the policy.

Depreciation: Drop in value. The decrease in value of an item or property over time due to
use, wear, tear, and obsolescence.

Direct or Held Covered: A condition requiring that the insured voyage be direct from one
place to another. If the voyage is delayed en route or there is a deviation from the direct
route the insurance cover continues subject to payment of an additional premium, but only
if the Assured gives prompt notice of such delay or deviation immediately on receipt of
advices, unless the policy provides otherwise.

Disclosure: The duty of the Assured and his broker to tell the Underwriter every material
circumstance before acceptance of the risk.

Discovery Period: The time allowed the insured after termination of certain bond and
policy provisions to discover that he has sustained a loss which occurred during the period
covered by the contract.

Donut Hole: Coverage gap. Areas not covered by insurance.

The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc.  All rights reserved.
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