D&O

third party liability insurance applicable to actions of members of governing bodies of organisations, usually joint stock companies (but more and more often also local governments); D&O insurance should be taken out by members of management and supervisory boards, commercial proxies and other persons whose decisions may be crucial for the insured entity.

Dowry insurance

a group of life products aimed at ensuring the child to start the adult life; dowry products are above all of the investment nature with some elements of insurance cover, e.g. in case of the policy holder’s death of a child’s disability.

Demutualization

the process of transformation of an insurer operating in the form of a mutual insurance company into a joint-stock company; it was carried out frequently for large life insurers (United Kingdom, USA or Japan) which traditionally used to operate in the form of mutuals, but with millions of member-clients, their real influence on the management of the company was relatively small; from the point of view of an insurance company, demutualization usually allows for a cheaper access to capital, e.g. through the stock exchange.

Direct

an insurance sales model assuming a direct (no intermediary) contact of the insurer to the client, in Poland often narrowly understood, and identified with the sale of insurance over the telephone and the Internet; broader definition could include further sales of insurance at the insurer’s own offices and even through exclusive agents.

Double (multiple) insurance

a situation when the same item of insurance is insured at the same time against the same risk, which together exceed the value of insurance and if the item is insured by two or more insurers, the insurer may not require the policyholder to provide the transfer value of the damage, and liability of insurers is proportional to the sum of the insurance accepted.

Damage

loss of property, or other (eg, loss of health, life or even the birth of a child) as the result of a random event