Definition and meaning of Insolvent :

Insolvent: Having insufficient financial resources (assets) to meet financial obligations (liabilities).

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

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

Definition and meaning of Jumping Juvenile Insurance Policy :

Jumping Juvenile Insurance Policy: Life insurance purchased by parents for children under a specified age. Provides permanent life insurance that increases in face value five times at age twenty-one with no increase in premium.

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

Also see these pages: Jumping Juvenile Insurance Policy , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Inherent vice :

Inherent vice:  a defect or cause of loss arising out of the nature of the goods in question

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

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Definition and meaning of Individual Policy Pension Trust :

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 polices usually provide both life insurance and retirement benefits.

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

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Definition and meaning of Individual Insurance :

Individual Insurance: Policies which provide protection to the policyholder and/or his/her family. Sometimes called Personal Insurance as distinct from group and blanket insurance.

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

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

Definition and meaning of Individual Deductible :

Individual Deductible: Amount that an insured and each person of his or her family covered by the policy must pay before the group or individual medical insurance policy begins to pay for medical expenses.

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

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Definition and meaning of Individual Retirement Account, IRA :

Individual Retirement Account (IRA):   An account to which an individual can make save for retirement on a tax-favored basis.  Contributions to a standard IRA are tax deductible for many workers;   contributions to a Roth IRA are made with after-tax dollars but can be withdrawn tax-free at retirement.

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

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

Definition and meaning of Industrial Life Insurance :

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.

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

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Definition and meaning of Inflation-Guard Endorsement :

Inflation-Guard Endorsement: Endorsement added at the insured's request to a homeowners policy to increase periodically the face amount of insurance of the dwelling and other policy coverages by a specified percentage.

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

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

Definition and meaning of Industrial Life Insurance :

Industrial Life Insurance: A class of life insurance that is usually issued with protection amount of less than $1,000 and premiums usually payable weekly or at most, monthly.

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

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

Definition and meaning of Insurable Risk :

Insurable Risk: The conditions that make a risk insurable are (a) the peril insured against must produce a definite loss not under the control of the insured, (b) there must be a large number of homogeneous exposures subject to the same perils, (c) the loss must be calculable and the cost of insuring it must be economically feasible, (d) the peril must be unlikely to affect all insureds simultaneously, and (e) the loss produced by a risk must be definite and have a potential to be financially serious.

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

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

Definition and meaning of Legal Reserve :

Legal Reserve: The minimum reserve which a company must keep to meet future claims and obligations as they are calculated under the state insurance code.

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

Also see these pages: Legal Reserve , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss Reserve :

Loss Reserve: The amount set up as the estimated cost of a claim. (See IBNR Reserve)

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

Also see these pages: Loss Reserve , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss Ratio :

Loss Ratio: A ratio calculated by divinding claims into premiums. It may be calculated in several different ways, using paid premiums or earned premiums, and using paid claims with or without changes in claim reserves and with or without changes in active reserves.

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

Also see these pages: Loss Ratio , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss Prevention :

Loss Prevention: Any measure which reduces the probability or frequency of a particular loss but does not eliminate completely all possibility of that loss

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

Also see these pages: Loss Prevention , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss Reserve Development :

Loss Reserve Development:  how the latest estimate of an insurance company's claim obligations compares to an earlier projection.

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

Also see these pages: Loss Reserve Development , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Lump-Sum Distribution :

Lump-Sum Distribution: Payment within one taxable year of the entire balance payable to an employee from a trust which forms part of a qualified pension or employee annuity plan on account of that person's death, separation from service or attainment of age 59.

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

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Definition and meaning of Negligence :

Negligence: Failure to use the care that a reasonable and prudent person would have used under the same or similar circumstances.

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

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Definition and meaning of National Association of Insurance Commissioners, NAIC :

National Association of Insurance Commissioners (NAIC): The association of insurance commissioners of various states formed to promote national uniformity in the regulation of insurance.

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

Also see these pages: National Association of Insurance Commissioners, NAIC , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Named Perils :

Named Perils: Coverage in a property policy that provides protection against loss from only the perils specifically listed in the policy rather than protection from physical loss. Examples of named perils are fire, windstorm, theft, smoke, etc.

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

Also see these pages: Named Perils , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - N

Definition and meaning of Loss Payable Clause :

Loss Payable Clause: Means of protecting a mortgagee's interest in property by directing the insurer to make a loss payment to the mortgagee in the event of a loss.

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

Also see these pages: Loss Payable Clause , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss of use :

Loss of use:  value assigned to not having damaged property available, e.g., the cost of renting a replacement vehicle while one's car is being repaired

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

Also see these pages: Loss of use , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L