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Insurance Definitions and Insurance Terms Letter D
cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company.

Generally accepted accounting principles (GAAP) accounting is used In financial statements that publicly-
held companies prepare for the Securities and Exchange Commission.

Auto crash parts produced by firms that are not associated with car manufacturers. Insurers consider these
parts, when certified, At least as good as those that come from the original equipment manufacturer (OEM).
They are often cheaper than the identical part produced by the OEM

GLASS Insurance
Coverage for glass breakage caused by all risks; fire and war are sometimes excluded. Insurance can be
bought for windows, structural glass, leaded glass, and mirrors. Available with or without a deductible.

Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often
restrict night time driving. Young drivers receive a learner’s permit, followed by a provisional license, before
they can receive a standard drivers license.

Financial services legislation, passed by Congress In 1999, that removed Depression-era prohibitions
against the combination of commercial banking and investment-banking activities. It allows Insurance
companies, banks, and securities firms to engage In each others’ activities and own one another.

GROUP Insurance
A single policy covering a group of individuals, usually employees of the same company or members of the
same association and their dependents. Coverage occurs under a master policy issued to the employer or

Period during which the level of interest specified under a fixed annuity is guaranteed.

Basic death benefits guaranteed under variable annuity contracts.

Often an option In an employer-sponsored retirement savings plan. Contract between an Insurance company
and the plan that guarantees a stated rate of return on invested capital over the life of the contract.

A guarantee In a variable annuity that a certain level of annuity payment will be maintained. Serves as a
protection against investment risks. Several types exists.

Homeowners policy that pays the full cost of replacing or repairing a damaged or destroyed home, even if it
is above the policy limit.

The mechanism by which solvent insurers ensure that some of the policyholder and third party claims
against Insurance companies that fail are paid. Such funds are required In all 50 states, the District of
Columbia and Puerto Rico, but the type and amount of claim covered by the fund varies from state to state.
Some states pay policyholders’ unearned premiums – the portion of the premium for which no Coverage was
provided because the company was insolvent. Some have deductibles. Most states have no limits on workers
compensation payments. Guaranty funds are supported by assessments on insurers doing business In the

A new legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several
cities have filed lawsuits based on this concept.

NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.
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