Glossary Index | Categories | Tagged Terms

Terms with Category Insurance

Floater Insurance -
Group Home Care

Kidnap and Ransom Insurance -
Lloyd's of London

Hurricane Deductible — Definition,
- The payment a policyholder must make to their insurance company before receiving benefits after a hurricane.
Impaired Insurer — Definition,
- An insurance company that is financially insolvent or illiquid and in risk of being unable to pay insurance claims.
Incontestability Clause — Definition,
- A clause that places a time limit on how long an insurer has to void a policy due to a policyholder's accidental misstatement in his or her life insurance application.
Incurred But Not Reported (IBNR) — Acronym,
- An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
Indefeasible — Definition,
- That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.
Indemnity — Definition,
- An arrangement where one party assumes liability for another party.
Indemnity Insurance — Definition,
- A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
Index — Definition,
- A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes.
Inflation Protection — Definition,
- A protection found in some insurance policies that allows policy limits to increase with inflation.
Insurable Interest — Definition,
- Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
Insurable Title — Definition,
- A title that can be insured.
Insurable Value — Definition,
- The total amount that an asset can be insured for.
Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
Insurance Attorney — Definition,
- An attorney who works with insurance law.
Insurance Broker — Definition,
- An agent who sells insurance policies.
Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
Insurance Cycle — Definition,
- A cycle of soft and hard market conditions observed in the insurance and underwriting industry.
Insurance Fraud — Definition,
- An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
Insurance Institute of America (IIA) — Company,
- An organization in America for developing curriculums, administrating examinations and providing certification programs for professionals in various insurance industries.
Insurance Institute of Canada (IIC) — Company Est. 1899, Canada,
- A group of insurance professionals who work together to provide education and training programs, professional development, and networking for students and insurance professionals.
Insurance Policy — Definition,
- A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
Insurance Proceeds — Definition,
- The benefits received by an individual after a claim has been verified.
Insurance Renewal — Definition,
- Extending the term length on an insurance policy.
Insurance Score — Definition,
- A score used by those in the insurance industry to determine how likely a claim will need to be paid out for an individual or entity.
Insured Value — Definition,
- What an insurer will pay to replace an insured asset.
Interest-Crediting Methods — Definition,
- A number of methods used to establish how interest is accrued, owed and dispersed to the parties due.
Inventory — Definition,
- Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
Irrevocable Beneficiary — Definition,
- A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.
Issue Age — Definition,
- The policyholder's age when the policy was first issued, to the nearest year.
Issuer — Definition,
- A legal entity that develops, registers, and sells securities including stocks, bonds and derivatives.