Definition and meaning of Integration :

Integration: A coordination of pension, disability or other benefit with the other sources of income, such as Social Security benefit, through a specific formula designed to ensure reasonable income replacement.. Qualified plans must integrate so that total benefits are non-discriminatory between rank and file employees and owners, officers or highly compensated employees.

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

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

Definition and meaning of Insuring Clause :

Insuring Clause: The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.

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

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

Definition and meaning of IPG Plan :

IPG Plan: See Immediate Participation Guarantee Plan.

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

Also see these pages: IPG Plan , 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 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 Living Benefits Rider :

Living Benefits Rider: A rider that allows insureds who are terminally ill or who suffer from certain catastrophic diseases to collect part of their life insurance benefits before they die, primarily to pay for the care they require.

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

Also see these pages: Living Benefits Rider , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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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 )

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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 Key-Person Insurance :

Key-Person Insurance: Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.

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

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Definition and meaning of Keogh, HR 10 Account :

Keogh (HR 10) Account: An account to which a self-employed person can make annual tax deductible contribution of the lesser of 25% of income or $30,000.

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

Also see these pages: Keogh, HR 10 Account , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K

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 )

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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 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 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 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 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 )

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Definition and meaning of Joint Underwriting Association :

Joint Underwriting Association: A device used to provide insurance to those who cannot obtain insurance in the voluntary market. Certain companies (called carriers) issue policies at one rate level and handle claims, but the ultimate costs are borne by all companies writing insurance in that state.

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

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Definition and meaning of Joint Underwriting Association :

Joint Underwriting Association: One of several types of "shared market" mechanisms used to make automobile insurance available to persons who are unable to obtain such insurance in the regular market. JUAs also have been created in some states to help alleviate availability problems in the fields of medical malpractice and commercial insurance.

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

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Definition and meaning of Labor-Management Relations Act of 1947, Taft-Hartley Act :

Labor-Management Relations Act of 1947 (Taft-Hartley Act): This law controls conditions under which an employer may pay any money to a representative of employees.

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

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Definition and meaning of Loss Avoidance :

Loss Avoidance: A risk management technique whereby a situation or activity that may result in a loss for a firm is avoided or abandoned.

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

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

Definition and meaning of Ocean Marine Insurance :

Ocean Marine Insurance: Coverage on all types of vessels, including liabilities connected with them, and on their cargoes.

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

Also see these pages: Ocean Marine Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - O