A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z

I/O:
Interest only, a type of CMO

IBNR:
Incurred but not reported

IBS:
International Bank of Settlements

IGA:
Independent general agent

IMG:
Independent marketing group

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.

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.

Indemnity:
Benefits of a predetermined amount paid for a loss.

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.

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.

Individual Retirement Account (IRA):
An account set up by an individual that in some cases allows contributions to be deducted from income and permits earnings on contributions to accumulate tax-deferred until retirement, regardless of whether the contributions are deductible. Under the 1986 tax law, only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make tax-deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis.

Industrial Life Insurance:
Life insurance issued in small amounts, usually less than $1,000, with premiums payable on a weekly or monthly basis. The premiums are generally collected at the home by an agent of the company.  Sometimes referred to as debit insurance.

Injury Independent of All Other Means:
An injury resulting from an accident that was not caused by an illness. 

Inland Marine Insurance:
A broad type of insurance, generally covering articles that may be transported from one place to another as well as bridges, tunnels and other means of transportation. It includes goods in transit (generally excepting transoceanic) as well as numerous "floater" policies such as personal effects, personal property, jewelry, furs, and other such items.

Insurability:
Acceptability to the company of an applicant for insurance.

Insurable Risk:
The conditions that make a risk insurable are (1) the peril insured against must produce a definite loss not under the control of the insured, (2) there must be a large number of homogeneous exposures subject to the same perils, (3) the loss must be calculable and the cost of insuring it must be economically feasible, (4) the peril must be unlikely to affect all insureds simultaneously, and (5) the loss produced by a risk must be definite and have a potential to be financially serious.

Insurance:
Risk management plan that, for a price, offers the insured an opportunity to share the costs of possible financial loss through an insurer.

Insurance Examiner:
The representative of a state insurance department assigned to participate in the official audit and examination of the affairs of an insurance company. 

Insurance In Force:
The aggregate unpaid balance of loans insured.

Insured:
The person on whose life the policy is issued.

Insuring Clause:
Stipulation in an insurance policy that states the type of loss the policy covers and lists the parties to the contract.

Integration:
The combining of two or more benefit plans to prevent duplication of payments.

Invested Assets:
The sum of an insurance company's bond, stock, mortgage loan, real estate, collateral, loan, cash, and short-term investments.

IPG:
Immediate participation guarantee

ISI:
Insurance Solvency International Rating 

ISO:
Insurance Services Office