Glossary beginning with D

Insurance Glossary

Death Benefitsearch for term
  • The amount of benefit that will be paid to your beneficiaries in the event of your death (covered person).
Deductiblessearch for term
  • The minimum amount that you would need to pay (for a hospital/medical bill) when you make a claim. It applies to the claimable amount rather than the incurred hospital bill. You only need to pay the deductible once in a policy year.
Disabilitysearch for term
  • Physical or mental condition that prevents you from performing one or more occupational duties temporarily (short-term), long-term, or totally (total disability).
Disability Benefitsearch for term
  • A feature added to some life insurance policies providing for the waiver of premium, and sometimes payment of monthly income, if you become totally and permanently disabled.
Disability Income Insurancesearch for term
  • Pays a fixed amount each month to replace the income you would lose if you were unable to work as a result of an accident or illness usually of up to 80 per cent of your average monthly salary.