Insurance Vocabulary D

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1. DEATH BENEFIT
   This term is commonly used in life insurance. It is the amount payable upon the death of an insured.
2. DECLARATIONS (dec page)
   Part of a property or liability insurance policy that contains the applicant's representations and other information pertinent to the risk, on the basis of which the policy was issued. Commonly referred to as the "dec page."
3. DECREASING TERM LIFE INSURANCE
   Term life insurance that provides a death benefit that decreases in scheduled steps from the date the policy comes into force to the day the policy expires, while the premium remains the same.
4. DEDUCTIBLE
   The specified amount or percentage of a loss paid by the policyholder. The bigger the deductible, the lower the premium charged for the same coverage.
5. DEPRECIATION
   A decrease in value of property due to use, age, obsolescence, wear and tear. deterioration, etc.