Ten-year liability is insurance coverage required from contractors by owners in some foreign countries (eg France) that covers the cost of repairing a total or partial collapse of a structure. It gets its name from the fact that it covers this risk for 10 years after the completion of the project.
The declaration is the first page (or pages) of the policy, which contains the name of the insured, address, period of validity of the policy, location of the premises, policy limits and other key information that varies from insured to insured. The announcement page is also known as the information page. Often referred to informally as “December” or “December Page”.
A declarative decision is a special type of judgment in which the court declares the rights and obligations of the parties to a written agreement. If the parties to an insurance policy disagree about the meaning of a policy term, either party may file a lawsuit to obtain a declarative court decision as to what the policy term means.
Declassification is a corporate governance term referring to a board of directors in which all directors run for re-election in the same year. Conversely, a classified board where directors are elected “staggered” is a board where only some of the directors can be re-elected in any given year. According to several corporate governance studies, there is an association between board composition and “lower company value and/or worse corporate decision making.” In particular, studies have shown that (1) chess board reduces firm value and (2) in the context of hostile takeovers, chess board acts as a takeover defense that cements management, deters potential buyers, and ensures lower profits. shareholders. In contrast, declassified boards increase board accountability because declassification allows shareholders to respond more quickly (with their votes) if the board’s current decisions and actions appear to be unfavorable to shareholders’ interests. Perhaps in response to such findings, the boards of directors of public corporations have become increasingly declassified over the past decade.
Reducing life insurance is a term life insurance policy in which the nominal amount is periodically reduced by a specified amount. Short term life insurance is often used to insure the declining monthly balance of a mortgage. An example of a declining term life insurance policy is one with an initial face value of $250,000 that is reduced by the amount of the remaining mortgage. It decreases as the mortgage loan is repaid.
The deductible is the amount that the insurer deducts from the loss before the policy limits are paid. Most property insurance policies contain a deductible clause, which provides that the deductible amount shown on policy claims will be deducted from each covered loss in determining the insured’s claim amount. Usually, the deductible amount is not deducted from the policy limits.
A deductible plan is a rated liability or workers’ compensation plan under which the insured retains every loss up to a deductible amount and under which the insurer remains liable to pay a claim in the event of a default by the insured. The insurer is also responsible for claims handling services. Also known as franchised politics.
Deductible reduction clauses are clauses sometimes included in professional liability policy forms that, under certain conditions, reduce the deductible of the policy, typically by 50 percent, if certain conditions are met. Typical criteria the insured must meet are: (1) report the “incident” to the insurer before the incident becomes a formal claim; (2) use a standard letter of commitment for all client projects; (3) agree to settle the claim on the recommendation of the insurer within 1 year of the claim being made to the policyholder; or (4) obtain a written agreement from all clients whereby clients agree to mediation or arbitration rather than litigation of claims against the insured professional. Insurers offer these conditions because when the insured takes action, both indemnification and protection costs are usually much lower than otherwise.
The Deemer period is a term used in connection with state rate and form approval laws that regulate rates and forms through a file and use system. Insurers submit rates and forms, and if they are not rejected within a certain period of time (the “preliminary period”), the rates are “deemed approved”.