insured: The person on whose life the policy is issued.
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insurance examiner: The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company.
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Insurance – insurance term definition
insurance: Risk management plan that, for a price, offers the insured an opportunity to share the costs of possible financial loss through an insurer.
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insurable risk: The conditions that make a risk insurable are (1) the peril insured against must produce a definite loss not under the control of the insured, (2) there must be a large number of homogeneous exposures subject to the same perils, (3) the loss must be calculable and the cost of insuring it must be economically feasible, (4) the peril must be unlikely to affect all insureds simultaneously, and (5) the loss produced by a risk must be definite and have a potential to be financially serious.
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insurable interest: A financial reliance you have on someone (such as a spouse) that can be covered by insurance. For example, you need an “insurable interest” in someone in order to buy a life insurance policy on that person’s life.
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Insurability – insurance term definition
insurability: Acceptability to the company of an applicant for insurance.
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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 means of transportation. It includes goods in transit (generally excepting transoceanic) as well as numerous “floater” policies such as personal effects, personal property, jewelry, furs, and other such items.
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injury independent of all other means: An injury resulting from an accident that was not caused by an illness.
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industrial life insurance: Life insurance issued in small amounts, usually less than $1,000, with premiums payable on a weekly or monthly basis. The premiums are generally collected at the home by an agent of the company. Sometimes referred to as debit insurance.
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individual retirement account (IRA): An account set up by an individual that in some cases allows contributions to be deducted from income and permits earnings on contributions to accumulate tax-deferred until retirement, regardless of whether the contributions are deductible. Under the 1986 tax law, only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make tax-deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis.
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