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 )

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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 )

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Definition and meaning of ISO :

ISO: See Insurance Services Office.

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

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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 )

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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 )

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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 )

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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 )

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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 )

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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 )

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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 )

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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 )

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Definition and meaning of Initial Reserve :

Initial Reserve: In life insurance, the reserve at the beginning of any policy year.

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

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Definition and meaning of Incontestable Clause :

Incontestable Clause: An optional clause which may be used in noncancelable or guaranteed renewable health insurance contracts providing that the insurer may not contest the validity of the contract after it has been in force for two (sometimes three) years.

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

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Definition and meaning of Incontestability :

Incontestability: Life policies provide that, except for non-payment of premiums and certain other circumstances, the policy shall be incontestable after the policy has been in force for two years during the lifetime of the insured.

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

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Definition and meaning of Imputed Negligence :

Imputed Negligence: Case in which responsibility for damage can be transfered from the negligent party to another person, such as an employer.

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

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Definition and meaning of Immediate Participation Guarantee Plan(IPG :

Immediate Participation Guarantee Plan(IPG): Type of pension plan in which all pension contributions are deposited in an unallocated fund and used directly to pay benefits to retirees.

(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 )

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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 Independent Agency System :

Independent Agency System: Type of property and liability insurance marketing system, sometimes called the American agency system, in which the agent is an independent businessperson representing several companies. The agency owns the expirations or renewal rights to the business, and the agent is copensated by commissions that vary by line of insurance.

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

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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