"Damage to your Auto" Coverage - Damage to your auto coverage, also known as auto physical damage coverage, insures against loss resulting from damage to an auto owned by the insured, and it also provides coverage if the car is stolen.
Damages - Money that the law requires one party to pay to another because of loss or injury suffered by the other party.
Declarations, declarations page, dec page - The page or pages of an insurance policy containing information, such as the insured’s name and address, that the policyholder declared (stated as facts) on the applications for insurance. It includes the coverages purchased and the premiums charged.
Deductible - The first portion of a covered loss that is not paid by insurance. The deductible amount is subtracted from the amount the insurer would otherwise be obligated to pay.
Depreciation - Loss in value of property that develops as items age, wear out, or become obsolete. In a sense, depreciation reflects value that has already been used up.
Direct Billing - A process through which the insurance company send bills directly to the policyholder and the policyholder makes payments directly to the insurance company. The insurance company pays to the producer (agent) commissions or other compensation for producing new business and servicing renewal business.
Discovery Period - A stated period, often 60 days, at the beginning of a policy term during which an insuror has the option to cancel a policy for any cause. After that period, the policy may be canceled only for reasons permitted by the policy or state law.
Draft - Essentially the same as a check written on the insurance company’s checking account. Drafts are used to pay claims and may be written by a claims representative or by a producer (agent) with draft authority. A draft is only fully paid after it is presented to the insurance company for payment. The company has until then to withdraw their offer to pay.
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