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Glossary of Insurance Terms

There are 154 entries in this glossary.
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Term Definition
Indemnity

Restoration to the victim of a loss by payment, repair or replacement.

Inflation Protection

An optional property coverage endorsement offered by some insurers that increases the policy's limits of insurance during the policy term to keep pace with inflation.

Insurable Interest

Interest in property such that loss or destruction of the property could cause a financial loss.

Insurance Adjuster

A representative of the insurer who seeks to determine the extent of the insurer's liability for loss when a claim is submitted. Independent insurance adjusters are hired by insurance companies on an "as needed" basis and might work for several insurance companies at the same time. Independent adjusters charge insurance companies both by the hour and by miles traveled. Public adjusters work for the insured in the settlement of claims and receive a percentage of the claim as their fee. A.M. Best's Directory of Recommended Insurance Attorneys and Adjusters lists independent adjusters only.

Insurance Institute of America (IIA)

An organization which develops programs and conducts national examinations in general insurance, risk management, management, adjusting, underwriting, auditing and loss control management.

Insurance Regulatory Information System

Introduced by the National Association of Insurance Commissioners in 1974 to identify insurance companies that might require further regulatory review.

Investment Income

The return received by insurers from their investment portfolios including interest, dividends and realized capital gains on stocks. It doesn't include the value of any stocks or bonds that the company currently owns.

Investments in Affiliates

Bonds, stocks, collateral loans, short-term investments in affiliated and real estate properties occupied by the company.

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