The money paid by a prospective policy holder when an application is made for an insurance policy. It is usually equal, at least, to the first month's estimate premium and is applied toward the actual premium when billed. Typically, a partial endowment is paid at the end of the term period. In many cases the partial endowment can be applied toward the purchase of a new term policy, or, perhaps, a whole life policy. A decrease in the value of property over a period of time due to wear and tear or obsolescence.
Depreciation is used to determine the actual cash value of property at time of loss.
System that reimburses health care providers fixed amounts for all care given in connection with standard diagnostic categories. DIC insurance provides coverage designed to close specific gaps in standard insurance policies and is usually available only for larger industrial or commercial risks. It allows coverage to be customized to extend to such exposures as water damage, flood, collapse, earthquake, landslide, etc., according to the insured's needs. DIC coverage may be provided by means of a separate insurance policy or it may be added by endorsement to the basic policy. A marketing method where insurance is sold without the services of an agent.