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I
Indemnity
A fundamental concept governing insurance: compensation for loss or injury
sustained.
Independent agent
A "retailer" of insurance who, by contractual arrangement with
a number of insurance companies, sells, and services property and liability
insurance. The independent agent "owns" the policy information
and expiration dates of his client’s coverage and thus controls
renewals and their placement.
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.
J
(none)
K
(none)
L
Limits of Insurance
The greatest amount of insurance a policy will provide; the amount beyond
which the insurer is no longer required to pay.
Loss experience
What the loss history has been on a particular line or book of business.
Loss exposure
A set of circumstances presenting the possibility of loss, whether or
not the loss actually occurs.
M
Marine insurance
Insurance primarily concerned with transportation exposures and property
that is commonly moved around from place to place. The field is divided
between inland marine and ocean marine.
Mobile Equipment
In the Commercial General Liability coverage forms, refers to certain
carefully and specifically described vehicles for use on land. Some
such vehicles are self-propelled while others are not. Some are used
only when attached to other vehicles or to provide mobility to certain
equipment. Some are intended for use on public roads while others are
not.
Medical malpractice
Type of insurance protecting physicians, surgeons, nurses, and other
medical practitioners against claims alleging failure to perform.
Merit rating
A form of auto rating in which an insured’s past experience as
well as anticipated experience is taken into account when arriving at
a rate.
Minimum premium
An insurer’s lowest charge for an insurance policy.
Misrepresentation
Generally, misstatement of facts made on an application for insurance.
May also be misstatement of coverage made by an agent to an insured.
Monoline policy
An insurance policy covering one subject of insurance, as opposed to
a combination of multiline policy.