Insurance Dictionary

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Damage
Damage suffered to merchandise or goods. In transport insurance, damage suffered during transportation or loading. This term is used in maritime insurance to refer to the damage suffered by a vessel or its cargo during the crossing.
Deductible
The amount or percentage expressly agreed to in the policy that is to be deducted from the corresponding compensation in each claim and that must be paid for by the Insured.
Delay
Situation produced by the lateness or delay in meeting an obligation. In insurance terms, this situation may be caused by the insured in terms of the payment of premiums or by the insurer in terms of the payment of compensation.
Dependence
The permanent status of the Insured over seventy-five years of age who, due to reasons of age, ill health or disability and linked to the lack or loss of physical, mental, intellectual or sensorial autonomy, requires the assistance of another or other persons or significant help in carrying out basic activities of daily life or, in the case of persons with intellectual disabilities or mental illness, other supports for personal autonomy.
Deposit
Submission of a sum of money or an asset to guarantee an obligation will be met.
Depositing institution
Bank responsible for the safekeeping and holding of the securities and other financial assets forming part of pension funds. Management companies and depositing institutions issue a holding certificate to prove the contributions made and attributed to each participant and their consolidated rights.
Directorate-General for Insurance
Body attached to the Ministry of Economy and Finance whose mission includes the control and monitoring of Spanish insurance. Its activities include:
- Regarding insurance companies:
     * Granting or denying the appropriate authorisation to undertake operations or open new branches.
     * Their contractual and technical documents.
     * The initiating of precautionary or urgent measures in abnormal situations, etc.
- Regarding insurance brokers:
     * Control and checking of compliance with the necessary conditions to undertake their activity.
     * Application, where applicable, of disciplinary action.
- Deciding of claims made against the persons or companies subject to control.
- Formalising and safekeeping of Special Registers of insurance companies and brokers, appraisers, adjusters and average adjusters.
Disability
Situation in which, as a result of an anatomic abnormality of the person arising from an accident covered by the insurance, he/she is limited in his/her ability to work.
- Permanent total disability for any work: this completely renders the worker unfit for any profession or trade.
- Permanent partial disability for the normal profession: where the normal capacity or ability to work is partially and permanently decreased.
- Permanent total disability for the normal profession: where the person is rendered unfit to undertake his/her normal work and may devote his/her time to other professions.
Disappearance
Value of the items that have gone missing.
Disloyalty
Theft, fraud, falsification or misappropriation of coins, bank notes, securities or goods by the employees of the insured when undertaking the post for which they were appointed.
Driver
Legally qualified person who, with the authorisation of the insured, owner or user of an insured vehicle, was driving it or had it in his/her safekeeping or was responsible at the time of the claim.
Duplicate of policy
Exact copy of the policy that, stamped and signed by the Insurance company, has the same value as the original.