Dual capacity is a principle defined in a number of court cases, according to which an enterprise can act in relation to its employee not only as an employer, but also as a product supplier, service provider, owner of the premises, etc. When an employment injury occurs as a result of one of these secondary relationship, the exclusivity of workers’ compensation as a source of redress for an injured worker may be challenged, and the worker may be allowed to sue the employer. Such actions are covered by the employers’ liability insurance of the standard workers’ compensation policy.
Dual Life Stock Insurance Company is a life insurance company incorporated as a joint stock company that issues life insurance policies with or without participation.
Due Diligence is proper care and attention. This term is commonly used to refer to the review of financial and legal documents in a merger or acquisition, but is equally applicable to almost any decision-making process, including insurance or self-insurance, the formation of a captive insurance company, etc. many other risk management solutions.
Duplication is a risk management technique that entails using backups or spare parts. For example, backup copies of business data should be kept separate from the main place of work. See also Segregation <>.
The duty to protect is a term used to describe an insurer’s obligation to provide protection to the insured against claims made under a liability insurance policy. Generally, the insured only needs to establish that there is a possibility of coverage under the policy for the insurer’s duty to protect to arise. Thus, the duty to protect may exist even in cases where coverage is questionable and ultimately not applicable. Implicit in this rule is the principle that the insurer’s duty to protect the insured is wider than his duty to indemnify. In addition, an insurer may be under an obligation to defend its insured against a claim for which no damages are ultimately awarded, and any doubt as to whether the facts support a duty of defense is usually resolved in favor of the insured. For Directors and Officers Liability (D&O) and Employment Practices (EPLI) policies, policies that contain explicit “responsibility to protect” language require the insurer to take control of the claims defense process, including the selection of an attorney and the payment of legal bills. In contrast, the absence of an obligation to defend (or an obligation to pay) policies requires only that the insurer reimburse the insured for the funds spent by the insured defending the claim.
Duty to pay is a term used to describe the nature of an insurer’s obligation to protect under directors’ and officers’ liability insurance (D&O) and employment practice (EPLI) policies. Forms containing duty to pay (or no duty to protect) clauses only require that the insurer reimburse the policyholder for the costs the policyholder has spent defending the claim. In contrast, policies containing “responsibility to protect” provisions require the insurer to take control of the claims defense process, including the selection of an attorney and the payment of legal bills.
Dwelling is a homeowner’s insurance term for a structure within a dwelling that is declared and used primarily as a private residence, including attached structures. Examples of attached structures include carports and patio roofs.
Homeowner coverage forms are alternative forms of homeowner insurance that can be used to cover physical damage to homes and personal property. Unlike the homeowner’s forms, these policies do not cover liability or medical payments. In the form portfolio of the Insurance Services Administration, Inc. (ISO) there are three forms of residential property: basic form (DP 00 01), wide form (DP 00 02) and special form (DP 00 03). The basic form only covers fire, lightning and internal explosion damage, but additional hazards may be covered by endorsement. The broad form covers direct damage to dwellings and personal property based on a broad list of hazards. The Special Form covers direct damage to residences and adjacent buildings on an all-risk basis, and also covers personal property based on a wide range of named risks.
Dynamic Financial Analysis (DFA) is the name of a class of structural risk modeling model for insurance company operations with a focus on underwriting and financial risk, designed to generate financial projections. Statistical modeling methods that do not project an outcome on a static basis, i.e. under one set of specified assumptions, or the same assumption with one or two variables changed, but project a range of possible outcomes by assuming constant changes in interrelated variables.