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 Immediate Annuity :

Immediate Annuity: An annuity providing for payment to begin immediately.

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

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Definition and meaning of Hurricane :

Hurricane: A tropical storm marked by extremely low barometric pressure and circular winds with a velocity of 75 miles an hour or more.

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

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Definition and meaning of Hospital Expense Insurance :

Hospital Expense Insurance: A form of health insurance that provides specific benefits for daily hospital room and board and hospital services during hospital confinement. Generally the policy also provides benefits for surgical operations and for in- hospital doctor's visits, in which case the policy is referred to as a hospital and Surgical Expense Policy.

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

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Definition and meaning of Hospital Expense Insurance :

Hospital Expense Insurance: Health insurance protection against the cost of hospital care resulting from the illness or injury of the insured person.

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

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Definition and meaning of Hospital Admissions Program :

Hospital Admissions Program: An arrangement to facilitate admission of persons covered by health insurance to hospitals and to assure the prompt payment of applicable insurance benefits to hospitals.

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

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Definition and meaning of Hospital Indemnity :

Hospital Indemnity: A form of health insurance which provides a stipulated daily, weekly, or monthly indemnity during hospital confinement. The indemnity is payable on an unallocated basis without regard to the actual expense of hospital confinement.

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

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Definition and meaning of Hospital Medical Insurance :

Hospital Medical Insurance: A term used to indicate protection which provides benefits for the cost of any or all of the numerous health care services normally covered under various health care plans.

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

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Definition and meaning of Human Life Value :

Human Life Value: For purposes of life insurance, the present value of the family's share of the deceased breadwinner's future earnings.

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

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Definition and meaning of Hull Insurance :

Hull Insurance: (1) Class of ocean marine insurance that covers prysical damage to the ship or vessel insured. Typically written on an "all-risks" basis. (2) Physical damage insurance on aircraft- similar to collision insurance in an automobile policy.

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

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Definition and meaning of Hospital Miscellaneous Services :

Hospital Miscellaneous Services: Services other than room and board and general nursing services provided by a hospital during hospital confinement. Included are such items as x- ray examinations, laboratory tests, medicines, surgical dressings, anesthetics (including the administration thereof), and use of operating room.

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

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Definition and meaning of Independent Agent :

Independent Agent: an independent business person who usually represents two or more insurance companies in a sales and service capacity and who is paid on a commission basis.

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

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Definition and meaning of Indeterminate Premium Whole Life Insurance :

Indeterminate Premium Whole Life Insurance: Nonparticipating whole life policy that permits the insurer to adjust premiums based on anticipated future experience. Initial premiums are guaranteed for a certain preriod. After the initial guaranteed period expires, the insurer can increase premiums up to some maximum limit.

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

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Definition and meaning of Kenney Rule :

Kenney Rule: Concept permitting a property liability insurer to write $2 of new net premiums for each $1 of policyowners' surplus.

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

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Definition and meaning of Initial Past Service Liability :

Initial Past Service Liability: The actuarial value (single sum) of the past service benefits as of the effective date of the establishment of the plan, or at the date of the latest liberalization. The maximum annual past service contribution allowable for tax deduction is the amount necessary to amortize past service liabilities and other supplementary pension or annuity credits over 10 years. Funding of the past service liability over a period of 30 years (40 in some cases) is required by the Internal Revenue Service under ERISA.

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

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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 )

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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 Injury Independent of All Other Means :

Injury Independent of All Other Means: An injury resulting from an accident, provided that the accident was not caused by an illness.

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

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Definition and meaning of Inland Marine Insurance :

Inland Marine Insurance: A broad form of insurance, generally covering articles in transit as well as bridges, tunnels and other means of transportation and communication. Besides goods in transit (generally excepting trans-ocean), it includes numerous "floater" policies, such as those covering personal effects, personal property, jewelry, furs, fine arts, and other items.

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

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Definition and meaning of Inspection Report :

Inspection Report: A report (usually written) of an investigation of an applicant, conducted by an independent agency that specializes in insurance investigations. The report covers such matters as occupation, financial status, health history, and moral problems.

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

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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 )

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Definition and meaning of Inland Marine Insurance :

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 instrumentalities of transportation. It includes goods in transit (generally excepting trans-ocean) as well as numerous "floater" polices such as personal effects, personal property, jewelry, furs, fine art and others.

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

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