IIA - Insurance Institute of America. This institution that offers a variety of insurance diplomas after completing certain examinations.
IIAA - Independent Insurance Agents of America. Members of this organization are agents of fire and casualty insurers who are part of the American Agency System.
IMPROVEMENTS AND BETTERMENTS - These are additions or changes made by a lessee to a building which he occupies and which will increase the value at his own cost. These become part of the realty and require special insurance consideration.
INCURRED LOSSES - These are losses that have occurred during a fixed period whether it has been adjusted and paid or not.
INDEMNIFY - To secure against loss or damage or to secure against future loss.
INFANT - In the language of an insurance adjuster, usually any person under twenty-one years of age.
INLAND MARINE INSURANCE - This is a term generally used to describe insurance written specifically to cover portable personal property, such as jewelry, clothing, etc.
INSTALLMENT SETTLEMENT - Payment of an insurance settlement by installments in contrast to a lump sum.
INSURABILITY - Acceptability of an applicant for insurance by the insurance company.
INSURABLE INTEREST - Any interest in property or the item to be insured of such a nature that destruction or damage can cause loss to the individual claiming the insurable interest. In other words, the owner of an automobile definitely has an insurable interest in the vehicle for if the vehicle is lost by fire, he suffers damage to the extent of the value of the vehicle. It also might be that the finance company who holds the note on the car or perhaps an employer who might be paying pat of the payments on the car might each hold an insurable interest in the vehicle.
INSURABLE RISK - This risk usually meets most of these requisites: (1) The loss insured against must be capable of being defined. (2) It must be accidental. (3) It must be large enough to cause a hardship to the insured. (4) It must belong to a homogeneous group of risks large enough to make losses predictable. (5) It must not be subject to the same loss at the same time as a large number of other risks. (6) The insurance company must be able to determine a reasonable cost for the insurance. (7) The insurance company must be able to calculate the chance of loss.
INSURANCE - A way of reducing risks by transferring them to an insurer who agrees to assume, to an extent, the losses suffered by the insured.
INSURANCE COMMISSIONER - The head of a state department of insurance.
INSURANCE COMPANY - (1) Any individual or company that is in the business of making insurance contracts. (2) Also the party of an insurance contract who undertakes to indemnify for the losses.
INSURANCE POLICY - Basically, it is the entire written or printed contract of insurance as distinguished from the forms and endorsements added.
INSURED - The individual or company of whom the insurance company agrees to indemnify for the losses.
INSURER - The party that is in the business of making contracts and agrees to indemnify for the losses.
INSURING CLAUSE - The clause in the policy that briefly states the contract's intent.
INTERLINE ENDORSEMENT - These are commercial property and casualty endorsements that can apply to more than one coverage part of a package policy.
JUDGMENT - The court's decision as to the rights of the parties in a law suit. This may be the judge's decision of the merits of a case when no jury is used, or it may be the judge's approval or disapproval of the jury verdict.