deposit term insurance: A form of term insurance, not really involving a “deposit,” in which the first-year premium is larger than subsequent premiums. 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.
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deposit administration group annuity: A type of group annuity providing for the accumulation of contributions in an undivided fund out of which annuities are purchased as the members of the group retire.
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demutualization: The conversion of an insurance company from a mutual insurance company to a stock insurance company.
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delinquency: Failure to comply with the terms and conditions of a mortgage, usually by not making payments on time. A delinquency rate is the sum of delinquencies at a point in time divided by the total of outstanding mortgages at that time.
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delegated underwriting: The delegation of the insurance underwriting decision to a lender on loans made by that lender. Contract underwriting is a variant of delegated underwriting.
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deferred group annuity: A type of group annuity providing for the purchase each year of a paid-up deferred annuity for each member of the group, the total amount received by the member at retirement being the sum of these deferred annuities.
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deferred annuity: Annuity payments that will begin at some future date.
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deductible: Amount that must be paid by the insured before benefits will be paid by the insurer.
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declination: The rejection by a life insurance company of an application for life insurance, usually for reasons of health or occupation.
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debt/capitalization ratio: The ratio of debt to debt plus equity, at a holding company level, for debt (or debt-like securities) of an issuer’s holding company.
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