Glossary of Insurance Terms

D

Declarations page

The page attached to the front of a property or liability insurance policy that includes information such as the name and address of the insured, the property insured, its location and description, the policy period, the amount of insurance coverage, the deductible, applicable premiums, and other related policy information provided by the insured.

Deductible

The amount of an insured loss paid by the policyholder. For example, if you select a deductible of $250 for your auto insurance policy, you agree to pay the first $250 worth of damages to your car if you are in an accident. In health insurance, it is the portion of eligible medical expenses that the insured must pay before the plan with make any benefit payments.

Defined network plan

A term used in Wisconsin law to refer to any health benefit plan that requires or creates incentives for an enrollee to use providers that are owned, managed, or under contract with the insurer offering the plan. This type of plan is sometimes referred to as a managed care plan.

Dependent

An individual--usually a child or a spouse--who relies on another person for support and who obtains health coverage through that person (usually a spouse or parent).

Depreciation

A decrease in the value of property over a period of time resulting from use, obsolescence, or wear and tear.

Disability benefit

A feature added to some life insurance policies providing for waiver of premium, if the policyholder becomes totally and permanently disabled.