Declination – The insurer’s refusal to insure an individual after careful evaluation of the application for insurance and any other pertinent factors.

Deductible – An amount which a policyholder agrees to pay, per claim or per accident, toward the total amount of an insured loss.

Defined Benefit Plan – A retirement plan in which a predetermined amount of retirement income is provided, based on factors such as salary, length of service and retirement age.

Defined Contribution Plan – A qualified retirement plan in which specified contributions are made to the individual accounts of participants. Benefits are based solely on those contributions and their investment performance. Accumulated amounts may also include employer contributions from accounts of other employees who left the organization before becoming fully vested.

Dental Insurance – Individual or group plan that helps pay costs or normal dental care as well as damage to teeth from an accident.

Dependent – Any individual who relies on an employee for support or who obtains benefit coverage through an employee.

Deposit Premium – The premium deposit 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.

Disability – A physical or a mental impairment that substantially limits one or more major life activities of an individual. It may be partial or total. (See Partial Disability; Total Disability.)

Disability Benefit – Periodic payments, usually monthly, payable to participants under some retirement plans, if such participants are eligible for the benefits and become totally and permanently disabled prior to the normal retirement date.

Disability Income Insurance – A form of health insurance that provided periodic payments to replace income when an insured person is unable to work as a result of illness, injury, or disease.

Drug Formulary – List of prescription drugs approved for use and/or coverage by a benefit plan. A formulary may be "open," indicating that a pharmaceutical not on the list is still eligible for coverage, or "closed," indicating it is not.

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