Definition and meaning of Joint Tenants :

Joint Tenants: A form of joint property ownership with right of survivorship, i.e., in which the survivors automatically own the share of a deceased co-owner.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Joint Tenants , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint-and-Several Liability :

Joint-and-Several Liability: A legal principle that permits the injured party in a tort action to recover the entire amount of compensation due for injuries from any tort feasor who is able to pay, regardless of the degree of that party's negligence.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Joint-and-Several Liability , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint-and-Survivor Annuity :

Joint-and-Survivor Annuity: A contract that provides income periodically, payable during the longer lifetime of two persons. The amount payable may decrease at the death of one or the other. (See Contingent Annuity Option)

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Joint-and-Survivor Annuity , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Jumbo Risk :

Jumbo Risk: A risk involving exceptionally high benefits.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Jumbo Risk , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Judicial Bond :

Judicial Bond: Type of surety bond used for court proceedings and guaranteeing that the party bonded willl fulfill certain obligations specified by law, for example, fiduciary responsibilities.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Judicial Bond , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Judgment Rating :

Judgment Rating: Rate-making method for which each exposure is individually evaluated and the rate is determined largely by the underwriter's judgment.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Judgment Rating , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of ISO :

ISO: See Insurance Services Office.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: ISO , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Irrevocable Trust :

Irrevocable Trust: A trust in which the creator does not reserve the right to reacquire the trust property.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Irrevocable Trust , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Investment Income :

Investment Income: The portion of a company's income which is derived from its investments, including interest and dividends on stocks and bonds.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Investment Income , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Investment Income :

Investment Income: The income generated by a company's portfolio of investments (such as in bonds, stocks, or other financial ventures).

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Investment Income , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Intestate :

Intestate: Without a will.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Investment Only Contract :

Investment Only Contract: Type of funding instrument that uses only the investment services of an insurer.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Investment Only Contract , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Involuntary Costs :

Involuntary Costs:  insurance company costs incurred as a result of participating in insurance pools (e.g., workers compensation).   Insurance companies must participate in these pools as a condition of doing business.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Involuntary Costs , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Irrevocable Beneficiary :

Irrevocable Beneficiary: Beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the beneficiary's consent.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Irrevocable Beneficiary , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of IRA :

IRA: See Individual Retirement Account.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: IRA , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Insurance :

Insurance: Protection by written contract against the financial hazards (in whole or in part) of the happenings of specified fortuitous events.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Interest-Adjusted Method :

Interest-Adjusted Method: Method of determining cost to an insured of a life insurance policy that considers the time cost of money by applying an interest factor to each element of cost. See Also Net payment cost index; surrender cost index.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Interest-Adjusted Method , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Inheritance tax :

Inheritance tax: A tax on the right of an heir to receive property at the death of another.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Inheritance tax , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Indemnification :

Indemnification: Compensation to the victim of a loss, in whole or in part, by payment, repair, or replacement.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Incurred-but-not-reported, IBNR reserves :

Incurred-but-not-reported (IBNR) reserves: liability account on an insurer's balance sheet reflecting claims that are expected based upon statistical projections but which have not yet been reported to the insurer

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Incurred Claims :

Incurred Claims: Incurred claims equal the 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.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Incurred Claims , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Indemnity :

Indemnity: Legal principle that specifies an insured should not collect more than the actual cash value of a loss but should be restored to approximately the same financial position as existed before the loss. Independent Adjustor: Claims adjustor who offers his or her services to insurance companies and is compensated by a fee.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Indemnity , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I