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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

I

IMPROVEMENTS AND BETTERMENTS

Additions or changes made by a lessee at his own cost to a building that he is occupying, which enhance its value. These become part of the realty and require special insurance consideration.

INCOME FUND

A mutual fund that invests primarily in fixed income securities such as bonds, mortgages and preferred shares. The primary objective is to produce income for investors while pursuing capital.

INCREASE IN PERIL, INCREASE IN HAZARD

Circumstances causing greater peril.

INCREASE IN PREMIUM

Charging of a higher premium following alterations to a contract or renewal of a policy.

INDEMNITY

Amount paid out as compensation for a loss incurred.

INDEX FUND

A mutual fund that is constructed from similar stocks with similar weights as a market index. This may be used as an investment vehicle by itself or it may be used as a benchmark against which a portfolio's performance can be measured.

INDIRECT LOSS (OR DAMAGE)

Loss resulting from a peril, but not caused directly and immediately thereby. For example: Loss of property due to fire is a direct loss, while the loss of rental income as the result of the fire would be an indirect loss.

IN-FORCE

Insurance on which the premiums are being paid or have been fully paid. In life insurance, usually refers to insurance by face amount. In health, usually refers to premium volume being paid to insurance company or insurance companies in aggregate.

INITIAL PUBLIC OFFERING (IPO)

First sale of stock by a private company (usually through a broker) seeking to become publicly held.

INLAND MARINE INSURANCE

A branch of the insurance business which developed from the insuring of shipments which did not involve ocean voyages. Exposures eligible for this form of protection are described in the nation-wide definition of Marine Insurance. Such diverse properties as bridges tunnels, jewellery and furs can now be written under Inland Marine forms.

INSPECTION

Independent checking on facts about an applicant or claimant, usually by a commercial inspection agency.

INSTITUTIONAL INVESTORS

Large-scale buyers and sellers of financial instruments such as pension funds, trust companies and mutual funds.

INSURABILITY

Acceptability of an applicant for insurance to the insurance company.

INSURANCE

A formal social device for reducing risk by transferring the risks of several individual entities to an insurer. The insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the insured.

INSURANCE CERTIFICATE

Document issued by an insurance company or broker attesting that a particular piece of property is insured.

INSURANCE LIMITS

Amount of indemnity limited to a fixed amount according to category of property.

INSURANCE POLICY

Legal document issued to the insured setting out the terms of the contract of insurance.

INSURANCE TO VALUE

Insurance written in an amount approximating the value of the property insured.

INSURED

Corporation or individual underwritten by an insurance policy against the consequences of an event which could damage his assets, life, health and physical well-being.

INSURED PERILS, RISKS COVERED

Perils identified in the insurance contract as being covered.

INSURER

The company providing the insurance coverage.

INTEREST RATE RISK

Risk associated with fluctuations in interest rates that have the effect of making one financial instrument more appealing than another.

ISSUE DATE

Date on which an insurance contract comes into force.

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