Crop insurance Companies various types of crops namely paddy, wheat, maize, barley, corn, etc. Caused by natural perils namely floods, drought, diseases, and infestation by worms, insects, etc. Crop Hail Insurance protection against hail storm damage to growing or standing crops. The coverage is usually provided along with other risks namely; fire, windstorm, flood, drought, frost, snow, etc.
Credit Insurance
A life insurance contract drawn up for a certain time period may be arranged through a bank or other nonbanking financial institution.
This type of insurance not only covers financial interest. (Up to the loan amount) of such organizations but also covers the risk of death of the borrower. A life insurance contract for a term equal to the loan repayment period taken on the life.
A loan is a guarantee to secure loans (with interest accrued) given by a bank or other financial institutions. Crime Insurance deals with losses arising out of crime or crime-related activities namely theft, robbery, hold-up, infidelity, etc.
Crude Mortality Rate
The crude death rate for a particular population is the total number of deaths observed. During the period divided by the total central exposure to risk for the same period. Crude mortality rate-Actual deaths/Total exposed to risk.
Cut Through Clause enables a reinsurer to deal directly with the insured (policy Holder) without involvement. The insurance company in certain defined circumstances, such as insolvency or financial weakness of the insurer.
Decreasing Term Life Insurance
In terms of insurance, face value decreases each year over a stated period of time. Family income and mortgage cancellation are common types of decreasing term Protection of Crop Insurance. It is an amount stated in the policy which is deducted.
The settlement of each and every claim by the insurance company. In other words, the insured becomes his/her own insurer for the deductible. In the case of life insurance members of the family. They are dependent on the insured receiving compensation due to the death of the insured.
Death Benefits
Benefits accrued under a Crop insurance Company policy following the death of the insured. which is paid to the dependents of the deceased. Freight rate is paid on empty space in the vessel when the charterer is responsible for the freight rate of a full cargo. It should be paid before sailing.
Declarations are a part of the insurance contract where (1) the name of the insured (2) the address(3) the period of insurance (4) contract conditions and (5) the sum insured is stated.
Rejection insurance
The rejection by a life insurance company of an application for life insurance is usually due to the applicant’s health condition or occupation.
Defined Benefit Plan that specifies the benefits an employee will receive after retirement. Benefits typically are based on length of service and salary, and usually are funded by the employer on behalf of each participating member.
Defined Contribution Plan
A pension plan specifies the contributions made by employees and, in many cases, the employer on behalf of each plan participant. These funds accumulate for each plan participant until retirement when funds are distributed as either a lump sum or monthly annuity.
Benefits are based on the number of contributions plus earnings. Found, for example, in Crop Insurance Companies. It refers to the period that must elapse before the cover under the policy will apply.
Deferred annuities
Deferred annuities are annuities under which payment does not begin immediately but is deferred for one or more years. Sometimes a particular clause is Protection of Crop Insurance Companies deleted from the terms and conditions and hence from treaty wording deletion of the clause is affected. From exclusion lists, certain exclusions can be deleted with the leader’s agreement.
The death strain at risk for the current policy year is the amount of extra money that the company would need to pay if the policyholder died during that policy year. This is the actual number of tons of cargo, bunkers, stores, etc., that can be put on board a ship to bring her down to her “marks”.Depreciation is a decrease in the value of property due to age, wear, and tear.
Derelict Detention
A vessel that has been abandoned by the crew but has not sunk. Where demurrage is paid for an agreed number of days, any further delay is termed”Detention” in respect of which the shipowner can claim unlimited damages. A divergence from an insured voyage may release the underwriter from risk unless it is specially covered.
Directors & Officers Liability (D&O)
This insurance provides protection with regard to personal liabilities of directors, officers, and senior employees in respect of alleged wrongful acts arising whilst running the company.
A wrongful act can be defined as a “breach of duty, breach of trust, neglect, error. The mistreatment, misleading statement, omission, breach of warranty of authority or other act”.
The idea is that a vehicle loses value after it has been damaged in an accident and repaired. Disability Income Insurance provides periodic payments when the insured is unable to work as a result of illness or injury.
