Identity Theft Insurance :: Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law enforcement personnel or credit agencies, fees for reapplying for loans and attorney’s fees to defend against lawsuits and remove criminal or civil judgments

 

Implied Warranty :: In marine insurance, warranty that a vessel is seaworthy and its voyage lawful (not explicitly written into the contract).

 

Incurred Losses :: Expenses account in an insurance company’s income statement reflecting the claims paid during the policy year plus the loss reserves as of the policy year, minus the corresponding reserves as of the beginning of the policy year.

 

Incurred-But-Not Reported Reserves (IBNR) :: Liability account on an insurer’s balance sheet reflecting claims that are expected based upon statistical projections but which have not yet been reported to the insurer.

 

Indemnification :: Compensation to the victim of a loss, in whole or in part, by payment, repair or replacement.

 

Indemnity :: Legal principle that specifies an insured should not collect more than the actual cash value of loss but should be restored to approximately the same financial position that existed before the loss.

 

Insurable Interest :: Financial interest, recognized at law, which the insured has in the subject matter of insurance. In some cases, an unlimited insurable interest exist, for example, in one’s own life and the life of a spouse. However, in most cases, insurable interest is limited to the value of the property or goods, or extent of liability.

 

Insurable Risk :: Risk against which insurance cover can be obtained by somebody with an insurable interest in it.

 

Insurance :: Contract under which the insurer agrees to provide compensation to the insured in the event of a specified occurrence, for example, loss or damage to property. In return, the insured pays the insurer a premium, usually at fixed intervals.

 

Insured Peril :: Peril that is specifically stated in an insurance policy as being covered or included.

 

Insured  :: The policyholder - the person(s) protected in case of a loss or claim. 

 

Insurer :: Insurance company or other person or company that agrees to indemnify someone against particular risks. Usually as defined in an insurance policy and for an insurance premium.

 

Insuring agreement :: That part of an insurance contract which sets forth the type of loss being covered by the policy and the parties of the insurance contract.

 

Insuring Clause :: The clause in an insurance contract which sets forth the type of loss being the policy and the parties of the insurance contract.

 

Intangible Assets :: They are abstract commodities, which cannot be seen or perceived through the senses, for e.g. goodwill, honesty, integrity, etc.

 

Investment Income :: Income generated by the investment of assets. Insurers have two sources of income, underwriting (premiums less claims and expenses) and investment income. The latter can offset underwriting operations, which are frequently unprofitable.