| |
| Imputed Liability ... |
| Liability incurred from the actions of others, particularly employees or family members. (Also known as, Vicarious Liability.) |
| • • • • • |
| Indemnity ... |
| To be restored to the financial condition that existed prior to a loss, neither better nor worse. |
| • • • • • |
| Independent Adjuster ... |
| An Adjuster, not in the employ of the Insurance Company, who investigates loss, applies policy provisions and settles claims. (See also, Adjuster, Claim Adjuster.) |
| • • • • • |
| Independent Agent ... |
| An Agent, not in the employ of the Insurance Company, who is licensed to represent an Insurance Company for the purpose of selling insurance policies. (See also, Agent.) |
| • • • • • |
| Indirect Loss ... |
| Loss that occurs as a result or consequence of an insured direct loss. (See also, Consequential Loss.) |
| • • • • • |
| Individual Named Insured Endorsement ... |
| An endorsement to a Commercial Auto policy that provides coverage to family members of a named Insured while operating any vehicle. |
| • • • • • |
| In Force ... |
| The time frame denoted by the effective dates on the declarations page of an insurance policy that indicates the period it is active, or valid. (See also, Policies In Force.) |
| • • • • • |
| Injured Party ... |
| The person who sustained injury, or property damage from an Insured. (See also, Claimant, Third Party.) |
| • • • • • |
| Inland Marine Insurance ... |
| Insurance, including Floater policies, which covers property that can be transported from one place to another. |
| • • • • • |
| Insurable Interest ... |
| Any economic interest in subject property that is protected against loss. |
| • • • • • |
| Insurance ... |
| The transfer of risk, by the means of a contract, from one person, business, organization or entity to another. |
| • • • • • |
| Insurance Commissioner ... |
| The head official presiding over a state insurance department. Also known as Insurance Director or Insurance Superintendent. (See also, Commissioner of Insurance.) |
| • • • • • |
| Insurance Department ... |
| The state department organized to execute the enforcement of insurance laws and the promulgation of insurance regulations within the state. |
| • • • • • |
| Insurance Services Office (ISO) ... |
| An organization that compiles statistics, provides information and materials to member companies that subscribe to their services. |
| • • • • • |
| Insurance to Value ... |
| Insurance written in an amount that is approximately equal to the value of the property insured. |
| • • • • • |
| Insured ... |
| A person who purchases insurance to cover their property against loss. |
| • • • • • |
| Insured Loss ... |
| Property that has sustained loss from an insured peril. |
| • • • • • |
| Insured Peril ... |
| A peril that the Insured has purchased insurance to cover. |
| • • • • • |
| Insurer ... |
| A person, business or entity who insures an Insured against loss. Also known as, Insurance Company. |
| • • • • • |
| Investment Income ... |
| Revenue that is generated from the return on financial ventures. |
| • • • • • |
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