- Immediate Annuity: An annuity
providing payment to begin immediately.
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- Incontestable Clause: A clause
which provides that the insurer may not contest the validity
of the contract after it has been in force for a period
of years.
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- Indemnification: The compensation
to the victim of a loss, in whole or in part, by payment,
repair, or replacement.
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- Independent Agent: An independent
agent is a business person who represents two or more insurance
companies in a sales and service capacity and who is paid
on a commission basis.
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- Independent Agency System: The
type of property and liability insurance marketing system,
sometimes called the American agency system, in which the
agent is an independent businessperson representing several
companies.
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- Individual Contract: A contract
of insurance made with an individual called the insured,
which normally covers such individual and, in certain instances,
members of their family.
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- Individual Deductible: The amount
that an insured and each person of his or her family covered
by the policy must pay before a group or individual medical
insurance policy begins to pay for medical expenses.
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- Individual Insurance: An insurance
policy which will provide protection to the policyholder
and / or family.
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- Individual Retirement Account (IRA):
A qualified account which an individual (under age 70) can
make annual contributions of of earnings up to to a certain
dollar limit.
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- Industrial Life Insurance: Life
insurance issued in small amounts, usually less than $1,000,
with premiums payable on a weekly or monthly basis.
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- Inflation-Guard Endorsement:
Endorsement added to a homeowners policy to increase (periodically)
the face amount of insurance of the dwelling and other policy
coverage's by a specified percentage.
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- Initial Reserve: For life insurance,
the reserve at the beginning of any policy year.
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- Inland Marine Insurance: A broad
form of insurance, generally covering articles in transit
as well as bridges, tunnels and other means of transportation
and communication. Also covering goods in transit, excluding
ocean voyages, it includes numerous "floater"
policies, such as: personal effects, personal property,
jewelry, furs, fine arts, and other items.
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- Innkeepers Legal Liability:
A coverage for motel and hotel operators, protecting them
from the legal liability they have for the property of guests.
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- In-Patient: A patient admitted
to a hospital or other medical facility.
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- Insolvent: Not having sufficient
financial resources to meet financial obligations.
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- Insurability: The accepting
of the insurer an applicant for insurance.
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- Insurable Risk: The conditions
that make a risk insurable are: (1) It must be accidental,
(2) The loss must be defined, (3) The peril insured against
must produce a definite loss and hardship not under the
control of the insured, (4) There must be a large number
of exposures subject to the same perils, (5) The loss must
be calculable and the cost of insuring must be economically
feasible, (6) The peril must be unlikely to affect all insureds
simultaneously, and (7) The loss produced by a risk must
be definite and have a potential to be financially serious.
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- Insurance: A system under which
individuals, businesses, and other organizations or entities,
in exchange for payment of a sum of money (called a premium),
are guaranteed compensation for losses resulting from certain
perils under specified conditions in a contract.
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- Insurance Company: An organization
chartered to operate as an insurer.
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- Insurance Commissioner: The
top insurance regulatory official in a state.
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- Insured: A person or organization,
covered by an insurance policy, including the "named
insured" and any other parties for whom protection
is provided under the policy.
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- Insurer: The party to the insurance
contract who promises to pay losses or benefits, or any
corporation engaged primarily in the business of furnishing
insurance to the public.
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- Insuring Agreement: The part
of a insurance contract stating the promises of the insurer.
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- Insuring Clause: A clause which
sets forth the type of loss being covered by the insurance
policy and the parties to the insurance contract.
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- Interest: Money paid for the
use of money.
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- Intestate: Dying without a will,
thus allowing the probate court to appoint an administrator
of the estate..
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- Investment Income: The portion
of a company's income which is derived from its investments,
including interest and dividends on stocks and bonds.
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- Irrevocable Beneficiary: Beneficiary
designation allowing no change to be made in the beneficiary
of an insurance policy without the consent of the named
beneficiary.
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- Irrevocable Trust: A type of
trust that cannot be revoked by the creator.
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