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::Glossary
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Datum
Line Policy A policy covering accounts which exceed a
given level of outstandings during the policy period, or in
the 12 months prior to the inception of the policy, provided
that cover for that buyer has been endorsed for the Insured.
Days
Sales Outstanding The average number of days taken by
a company to collects it's debts.
Declaration
of Turnover A statement of the Insured's turnover, for
a specific period, which is covered under the policy. This
is normally required annually.
Deferred
Shares These shares are a type of shares issued by a joint-stock
company; the deferred shareholders will receive a fluctuating
rate of dividend after the preference shareholders have been
paid their fixed rate in full.
Del
Credere Agent An Agent who can accept the risk on behalf
of the principle, most common in the timber trade.
Discretionary
Limit The value up to which the Insured may trade with
a company without prior reference to the Insurer. The value
of credit granted must be justified under the terms and conditions
of the policy, normally via trading experience or a satisfactory
status report.
Dissolved
Company A company, which has been wound up (by a Winding
Up Order), has completed the process of Voluntary Liquidation
or has been "struck off" the "live" index of companies (under
section 652 of the 1985 Act) and therefore no longer exists.
Documentary
Bill of Exchange Documents of title along with the drawn
Bill of Exchange are sent through the buyer's Bank. Against
the acceptance of the Bill of Exchange, the buyer can receive
documents of title.
Documentary
Sight Draft Payment is made at the time of the handing
over of the documents. A Bill of Exchange which is drawn at
sight (payable immediately on view) is attached to the shipping
documents and these are released when the amount of the sight
draft has been paid.
Documents
Against Acceptance Documents are accompanied by a Bill
of Exchange drawn for the period of credit arranged. The documents
are handed to the buyer against his acceptance of the Bill
of Exchange, which is retained by the exporters Bank until
maturity, when it is presented.
Domestic
Companies Those that are domiciled within the UK, the
Channel Islands or the Isle of Man. All other companies are
known as foreign.
Dormant
Company A limited company that has never been started,
or has ceased its trading but has not been dissolved. Annual
Returns are filed, but accounts state that the company did
not trade during the year.
Due
Date The date on which an invoice is due for payment.
Each and Every First Loss An amount, which is bourne by the
Insured before the uninsured percentage of the balance of
the insured debt is calculated. Ex-Gratia (As an act of grace)
This refers to a payment made by an insurer against a claim
for which he has no strict liability.
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