Declination - The rejection of an insurance application
by an insurance company.
Default - When one insurance premium or a series of premiums
are missed, the policyholder can be referred to as being in default.
Deposit premium - The premium deposit paid when an application
is made for an insurance policy.
Direct debit - A procedure under which an organisation to
whom a payment is due claims the amount directly from the bank account
of its debtor. Many insurance companies will require premiums to
be paid by direct debit.
Disclosure - The duty of any person applying for an insurance
policy to tell the insurer all relevant information affecting the
risk, such as prior claims history. It is also used to refer to
the duty of an intermediary to inform his client if commission is
being paid (and, if so, how much) in respect of the business being
placed.
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