Immediate Annuity
A type of annuity contract that starts payments to the annuitant soon after the initial investment is made.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Increased Value Insurance – Cargo
Increased value insurance in marine cargo insurance, also known as duty and increased value (DIV) insurance, provides coverage for any increase in the value of cargo during the policy period
Indemnity
Indemnity is a fundamental principle of insurance that aims to restore the insured to the same financial position they were in before a covered loss occurred.
Individual Life Insurance
Individual life insurance is a type of life insurance policy that is purchased by an individual for their own life or the life of another person.
Inflation Guard
Inflation guard is an optional coverage or feature offered with some insurance policies, particularly property insurance, that automatically adjusts the coverage limits to account for the increasing costs of repair or replacement due to inflation.
Inland Marine Insurance
Inland Marine Insurance is a type of property insurance that covers goods in transit over land, as well as property that is movable or has a transportation element.
Institute Cargo Clauses
The Institute Cargo Clauses (ICC) are a set of standardized clauses used in marine cargo insurance policies to define the scope of coverage and the risks insured against.
Insurable Interest
Insurable interest is a fundamental concept in insurance that refers to the financial interest a person or entity has in the insured item or person.
Insurance
Insurance is a contract between a policyholder (individual or business) and an insurance company.
Insurance Broker
In the insurance industry, a broker is an independent insurance professional who acts as an intermediary between insurance buyers and insurance companies.
Insurance Policy
An insurance policy is a formal contract between an insurance company (the insurer) and a policyholder (the insured).
Insured
In insurance, the insured refers to the person, group of people, or entity that is protected by an insurance policy.