Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 24 of 28 matching terms
Terms beginning with I
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Illustration
Life insurance - A document showing how a life policy or annuity might perform under assumptions; it is not a guarantee unless stated as such.
- Also called: policy illustration
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Immediate annuity
Life insurance - An annuity that generally starts income payments soon after a lump-sum premium is paid.
- Also called: single-premium immediate annuity
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In-force policy
General insurance - A policy currently active because its effective date has begun and it has not expired, lapsed, or been cancelled.
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In-network
Health insurance - A health care provider or facility that has a contract with a health plan.
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Incontestability provision
Life insurance - A policy provision limiting when an insurer may challenge a life policy for misrepresentation after it has been in force for a set time.
- Also called: incontestability clause
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Incurred but not reported
Claims - Losses that have happened but have not yet been reported to the insurer as of a measurement date.
- Also called: IBNR
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Indemnity
General insurance - A policy principle intended to restore an insured financially after a covered loss rather than create a profit.
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Independent adjuster
Claims - An adjuster who works as a contractor for one or more insurers rather than as the policyholder’s representative.
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Independent appraisal
Claims - A process using independent appraisers to resolve a disagreement over the amount of a property loss.
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Independent review organization
Health insurance - An independent organization assigned to review certain health plan denials during an external review.
- Also called: IRO
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Indirect loss
General insurance - A financial loss resulting from direct physical damage, such as lost income or extra expense.
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Inflation guard
Home insurance - A policy feature that may automatically increase property coverage limits over time to reflect changing construction costs.
- Also called: inflation protection
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Inflation guard clause
Auto insurance - Policy wording that automatically increases property coverage limits over time to reflect construction-cost inflation.
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Inland marine insurance
Business insurance - Coverage for certain movable, transported, or specialized business property that may not fit standard property insurance.
- Also called: floater coverage
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Inpatient care
Health insurance - Care received after admission to a hospital or other facility for an overnight stay or longer.
- Also called: inpatient services
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Installation floater
Business insurance - Inland marine coverage for materials, equipment, or property while being installed at a job site.
- Also called: installation coverage
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Insurable interest
General insurance - A financial or other recognized interest in the person or property being insured that could result in loss.
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Insurance audit
Business insurance - A review of business records used to compare estimated exposure with actual exposure and adjust certain premiums.
- Also called: premium audit
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Insurance producer
General insurance - A person or business licensed to sell, solicit, or negotiate insurance, commonly called an agent or broker depending on the jurisdiction.
- Also called: producer
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Insurance score
Auto insurance - A score some insurers use as one factor when evaluating risk, where permitted and subject to their underwriting practices.
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Insured
General insurance - The person, people, or organization covered by an insurance policy.
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Insured owner
Life insurance - A life insurance policyowner who is also the person whose life is insured under the policy.
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Insurer
General insurance - The company that issues an insurance policy or plan and agrees to provide coverage under its terms.
- Also called: insurance carrier
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Insurer insolvency
General insurance - A financial condition in which an insurer cannot meet obligations as they come due or does not have required statutory capital.
- Also called: insurance company insolvency