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IDENTITY THEFT INSURANCE.
1
IMMEDIATE ANNUITY.
1
INCURRED BUT NOT REPORTED LOSSES / IBNR.
1
INCURRED LOSSES.
2
INDEMNIFY.
2
INDEPENDENT AGENT.
2
INDIVIDUAL RETIREMENT ACCOUNT/IRA.
2
INFLATION GUARD CLAUSE.
2
INLAND MARINE INSURANCE.
2
INSOLVENCY.
2
INSTITUTIONAL INVESTOR.
3
INSURABLE RISK.
3
INSURANCE.
3
INSURANCE POOL.
3
INSURANCE REGULATORY INFORMATION SYSTEM / IRIS.
3
INSURANCE SCORE.
4
INSURANCE-TO-VALUE.
4
INTEGRATED BENEFITS.
4
INTERMEDIATION.
4
INTERNET INSURER.
4
INTERNET LIABILITY INSURANCE.
4
INVESTMENT INCOME.
5
Coverage for
expenses incurred as the result of an identity theft. Can include
costs for notarizing fraud affidavits and certified mail, lost
income from time taken off from work to meet with law-enforcement
personnel or credit agencies, fees for reapplying for loans and
attorney's fees to defend against lawsuits and remove criminal or
civil judgments.
A product
purchased with a lump sum, usually at the time retirement begins or
afterwards. Payments begin within about a year. Immediate annuities
can be either fixed or variable.
Losses that are
not filed with the insurer or reinsurer until years after the policy
is sold. Some liability claims may be filed long after the event
that caused the injury to occur. Asbestos-related diseases, for
example, do not show up until decades after the exposure. IBNR also
refers to estimates made about claims already reported but where the
full extent of the injury is not yet known, such as a workers
compensation claim where the degree to which work-related injuries
prevents a worker from earning what he or she earned before the
injury unfolds over time. Insurance companies regularly adjust
reserves for such losses as new information becomes available.
Losses occurring
within a fixed period, whether or not adjusted or paid during the
same period.
Provide financial
compensation for losses.
Agent who is
self-employed, is paid on commission, and represents several
insurance companies. (See Captive agent)
A tax-deductible
savings plan for those who are self-employed, or those whose
earnings are below a certain level or whose employers do not offer
retirement plans. Others may make limited contributions on a
tax-deferred basis. The Roth IRA, a special kind of retirement
account created in 1997, may offer greater tax benefits to certain
individuals.
A provision added
to a homeowners insurance policy that automatically adjusts the
coverage limit on the dwelling each time the policy is renewed to
reflect current construction costs.
This broad type
of coverage was developed for shipments that do not involve ocean
transport. Covers articles in transit by all forms of land and air
transportation as well as bridges, tunnels and other means of
transportation and communication. Floaters that cover expensive
personal items such as fine art and jewelry are included in this
category. (See Floater)
Insurer’s
inability to pay debts. Insurance insolvency standards and the
regulatory actions taken vary from state to state. When regulators
deem an insurance company is in danger of becoming insolvent, they
can take one of three actions: place a company in conservatorship or
rehabilitation if the company can be saved or liquidation if salvage
is deemed impossible. The difference between the first two options
is one of degree – regulators guide companies in conservatorship but
direct those in rehabilitation. Typically the first sign of problems
is inability to pass the financial tests regulators administer as a
routine procedure. (See Liquidation; Risk-based capital)
An organization
such as a bank or insurance company that buys and sells large
quantities of securities.
Risks for which
it is relatively easy to get insurance and that meet certain
criteria. These include being definable, accidental in nature, and
part of a group of similar risks large enough to make losses
predictable. The insurance company also must be able to come up with
a reasonable price for the insurance.
A system to make
large financial losses more affordable by pooling the risks of many
individuals and business entities and transferring them to an
insurance company or other large group in return for a premium.
A group of
insurance companies that pool assets, enabling them to provide an
amount of insurance substantially more than can be provided by
individual companies to ensure large risks such as nuclear power
stations. Pools may be formed voluntarily or mandated by the state
to cover risks that can’t obtain coverage in the voluntary market
such as coastal properties subject to hurricanes. (See Beach and
windstorm plans; Fair access to insurance requirements plans / FAIR
plans; Joint underwriting association / JUA)
Uses financial
ratios to measure insurers’ financial strength. Developed by the
National Association of Insurance Commissioners. Each individual
state insurance department chooses how to use IRIS.
Insurance scores
are confidential rankings based on credit information. This includes
whether the consumer has made timely payments on loans, the number
of open credit card accounts and whether a bankruptcy filing has
been made. An insurance score is a measure of how well consumers
manage their financial affairs, not of their financial assets. It
does not include information about income or race.
Studies have
shown that people who manage their money well tend also to manage
their most important asset, their home, well. And people who manage
their money responsibly also tend to handle driving a car
responsibly. Some insurance companies use insurance scores as an
insurance underwriting and rating tool.
Insurance written
in an amount approximating the value of the insured property.
Coverage where
the distinction between job-related and non-occupational illnesses
or injuries is eliminated and workers compensation and general
health coverage are combined. Legal obstacles exist, however,
because the two coverages are administered separately. Previously
called twenty-four hour coverage.
The process of
bringing savers, investors and borrowers together so that savers and
investors can obtain a return on their money and borrowers can use
the money to finance their purchases or projects through loans.
An insurer that
sells exclusively via the Internet.
Coverage designed
to protect businesses from liabilities that arise from the
conducting of business over the Internet, including copyright
infringement, defamation, and violation of privacy.
Income generated
by the investment of assets. Insurers have two sources of income,
underwriting (premiums less claims and expenses) and investment
income. The latter can offset underwriting operations, which are
frequently unprofitable.
Glossary of Insurance Terms
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