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Definitions - D

Death Benefit
A payment made to a designated beneficiary upon the death of the employee annuitant.

Decreasing Term Insurance
Level Premium Term insurance with death benefits that decrease each policy anniversary. The death benefit may decrease according to a schedule that fits a declining need, such as a loan balance.

Deferred Annuity
Annuity payments that will begin at some future date.

Deferred Compensation
Arrangements by which compensation to employees for past or current services is postponed until some future date.

Deposit Term Insurance
A form of term insurance, not really involving a "deposit," in which the first-year premium is larger than subsequent premiums. Typically, a partial endowment is paid at the end of the term period. In many cases the partial endowment can be applied toward the purchase of a new term policy, or, perhaps, a whole life policy.

Direct Beneficiary
The named beneficiary, to whom death proceeds will be paid directly upon the insured's death.

Disability Insurance (DI)
A form of insurance coverage that provides a portion of income lost as the result of a total or partial disability caused by either an accident or an illness.

Disability Overhead Expense (DOE)
A reimbursement plan designed to cover business expenses during the total or partial disability of a professional or business person.

Dividend
A refund of part of the annual premium, which is left over after the company has set aside the necessary reserve.

Domestic Insurer
An insurance company is a domestic company in the state in which it is incorporated.

Double Indemnity
A policy provision usually associated with death, which doubles payment of a designated benefit when certain kinds of accidents occur.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.

Quick Life Insurance Terms Glossary

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)

LIFE IS COMPLICATED....
BUT TERM LIFE INSURANCE DOES NOT HAVE TO BE.

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