individual policy pension trust: A type of pension plan, frequently used for small groups, administered by trustees who are authorized to purchase individual level premium policies or annuity contracts for each member of the plan. The policies usually provide both life insurance and retirement benefits.
Read more to view related video clips to this insurance terminology.
individual insurance: A policy that provides protection to a policyholder and/or his or her family; sometimes called personal insurance as distinct from group and blanket insurance.
Read more to view related video clips to this insurance terminology.
indemnity: Benefits of a predetermined amount paid for a loss.
Read more to view related video clips to this insurance terminology.
incurred claims: 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.
Read more to view related video clips to this insurance terminology.
incontestable clause: A provision in a policy that the insurer may not contest the validity of an insurance contract after it has been in force for two (sometimes three) years.
Read more to view related video clips to this insurance terminology.
immediate annuity: An annuity that begins its payment stream to the policyholder after a single premium is paid.
Read more to view related video clips to this insurance terminology.
identity fraud: The act of assuming another person’s identity in order to gain access to a person’s bank accounts or other personal financial information.
Read more to view related video clips to this insurance terminology.
Insurance in force: The aggregate unpaid balance of loans insured.
Read more to view related video clips to this insurance terminology.
ISO: Insurance Services Office, located online at http://www.iso.com.
Read more to view related video clips to this insurance terminology.
hospital medical insurance: Coverage that provides benefits for the cost of any or all hospital services normally covered under various health care plans.
Read more to view related video clips to this insurance terminology.