1. incurred claims
Claims paid during the policy year plus the claim reserves as of the end of the
policy year, minus the corresponding reserves as of the beginning of the
policy year. The difference between the year end and beginning of the year
claim reserves is called the increase in reserves and may be added directly to
the paid claims to produce the incurred claims.
2. indemnity
Benefits of a predetermined amount paid for a loss.
3. individual insurance
A policy that provides protection to a policyholder and/or his or her family;
sometimes called personal insurance as distinct from group and blanket
insurance.
4. individual policy pension trust
A type of pension plan, frequently used for small groups, administered by
trustees who are authorized to purchase individual level premium policies or
annuity contracts for each member of the plan. The policies usually provide
both life insurance and retirement benefits.
5. individual retirement account (IRA)
An account set up by an individual that in some cases allows contributions to
be deducted from income and permits earnings on contributions to
accumulate tax-deferred until retirement, regardless of whether the
contributions are deductible. Under the 1986 tax law, only those who do not
participate in a pension plan at work or who do participate and meet certain
income guidelines can make tax-deductible contributions to an IRA. All others
can make contributions to an IRA on a non-deductible basis.
6. industrial life insurance
Life insurance issued in small amounts, usually less than $1,000, with
premiums payable on a weekly or monthly basis. The premiums are generally
collected at the home by an agent of the company. Sometimes referred to as
debit insurance.
7. injury independent of all other means
An injury resulting from an accident that was not caused by an illness.
8. inland marine insurance
A broad type of insurance, generally covering articles that may be transported
from one place to another as well as bridges, tunnels and other means of
transportation. It includes goods in transit (generally excepting transoceanic)
as well as numerous "floater" policies such as personal effects, personal
property, jewelry, furs, fine arts and other such items.
9. insurability
Acceptability to the company of an applicant for insurance.
10. insurable risk
The conditions that make a risk insurable are (1) the peril insured against
must produce a definite loss not under the control of the insured, (2) there
must be a large number of homogeneous exposures subject to the same
perils, (3) the loss must be calculable and the cost of insuring it must be
economically feasible, (4) the peril must be unlikely to affect all insureds
simultaneously, and (5) the loss produced by a risk must be definite and have
a potential to be financially serious.
11. insurance
Risk management plan that, for a price, offers the insured an opportunity to
share the costs of possible financial loss through an insurer.
12. insuring clause
Stipulation in an insurance policy that states the type of loss the policy covers
and lists the parties to the contract.
13. insurance examiner
The representative of a state insurance department assigned to participate in
the official audit and examination of the affairs of an insurance company.
14. insured
The person on whose life the policy is issued.
15. integration
The combining of two or more benefit plans to prevent duplication of
payments.
Claims paid during the policy year plus the claim reserves as of the end of the
policy year, minus the corresponding reserves as of the beginning of the
policy year. The difference between the year end and beginning of the year
claim reserves is called the increase in reserves and may be added directly to
the paid claims to produce the incurred claims.
2. indemnity
Benefits of a predetermined amount paid for a loss.
3. individual insurance
A policy that provides protection to a policyholder and/or his or her family;
sometimes called personal insurance as distinct from group and blanket
insurance.
4. individual policy pension trust
A type of pension plan, frequently used for small groups, administered by
trustees who are authorized to purchase individual level premium policies or
annuity contracts for each member of the plan. The policies usually provide
both life insurance and retirement benefits.
5. individual retirement account (IRA)
An account set up by an individual that in some cases allows contributions to
be deducted from income and permits earnings on contributions to
accumulate tax-deferred until retirement, regardless of whether the
contributions are deductible. Under the 1986 tax law, only those who do not
participate in a pension plan at work or who do participate and meet certain
income guidelines can make tax-deductible contributions to an IRA. All others
can make contributions to an IRA on a non-deductible basis.
6. industrial life insurance
Life insurance issued in small amounts, usually less than $1,000, with
premiums payable on a weekly or monthly basis. The premiums are generally
collected at the home by an agent of the company. Sometimes referred to as
debit insurance.
7. injury independent of all other means
An injury resulting from an accident that was not caused by an illness.
8. inland marine insurance
A broad type of insurance, generally covering articles that may be transported
from one place to another as well as bridges, tunnels and other means of
transportation. It includes goods in transit (generally excepting transoceanic)
as well as numerous "floater" policies such as personal effects, personal
property, jewelry, furs, fine arts and other such items.
9. insurability
Acceptability to the company of an applicant for insurance.
10. insurable risk
The conditions that make a risk insurable are (1) the peril insured against
must produce a definite loss not under the control of the insured, (2) there
must be a large number of homogeneous exposures subject to the same
perils, (3) the loss must be calculable and the cost of insuring it must be
economically feasible, (4) the peril must be unlikely to affect all insureds
simultaneously, and (5) the loss produced by a risk must be definite and have
a potential to be financially serious.
11. insurance
Risk management plan that, for a price, offers the insured an opportunity to
share the costs of possible financial loss through an insurer.
12. insuring clause
Stipulation in an insurance policy that states the type of loss the policy covers
and lists the parties to the contract.
13. insurance examiner
The representative of a state insurance department assigned to participate in
the official audit and examination of the affairs of an insurance company.
14. insured
The person on whose life the policy is issued.
15. integration
The combining of two or more benefit plans to prevent duplication of
payments.
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