Terms with Category Insurance

  • 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.
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