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Insurance Glossary I

Triangle

 

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

 

Indemnity

A fundamental concept governing insurance: compensation for loss or injury sustained. 

 
Independent agent

A self-employed insurance agent who represents multiple insurance companies and is paid by commission. 

 
Inflation guard endorsement

An endorsement attached to an insurance policy whereby the limits of liability on a piece of property are increased on a regular basis by a certain percentage in order to offset increasing building costs associated with inflation. 

 
Inland marine insurance

Property insurance signaling broad coverage of properties exposed to the transportation peril and those subject to being used or kept at a location other than the insured’s customary premises. Eligible property is identified in the so-called "Nationwide Definition of Marine Insurance." 

 
Insurable risk

The exposure to significant, measurable accidental loss from identifiable perils. The exposure, while not catastrophic, must be shared by a sufficient number of potential insureds so that the cost of loss for one can be measured and affordably shared throughout the market. 

 
Insurance

A mechanism whereby risk of financial loss is transferred from individual, company, organization, or other entity to an insurance company. 

 
Insurance policy

The document containing the contract between the insured and the insurer which defines the right and duties of the contracting parties.

 

 

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