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 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 Indirect Loss :

Indirect Loss: See Consequential Loss.

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

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Definition and meaning of Indexing :

Indexing:  Adjusting of values over time to reflect the impact of inflation.

(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 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 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 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 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 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 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 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 Individual Contract :

Individual Contract: A contract of health insurance made with an individual called the policy holder or the insured, which normally covers such individual and, in certain instances, members of his family.

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

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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 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 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 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 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

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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