Glossary of Insurance Terms
Printed with permission from the Insurance Institute of Canada.
Please choose a letter to continue:
Improvements and Betterments
Incendiary
Inception
Indemnify
Indemnity
Indemnity Period
Independent Adjuster
Inflammable
In Force
Inherent Vice
Insurable Interest
Insurance
Insurance Bureau of Canada (IBC)
Insurance Crime Prevention Bureau (ICPB)
Insurance Institute of Canada (IIC)
Insurance Policy
Insured
Insurer
Insuring Clause
Intermediary
Inventory
Improvements
and Betterments
Additions or changes to a rented premises by a tenant at his own
expense. Also called Tenant's Improvements.
Incendiary
Malicious
setting on fire or preparing, providing and setting the
means for fire to start.
Inception
The date and time on which coverage under an insurance policy
takes effect.
Indemnify
To provide compensation for loss or expenses incurred.
Indemnity
A contract, expressed or implied, to repay in the event of a
loss. Insured neither gains nor loses.
Indemnity Period
The policy period.
Independent
Adjuster
One who adjusts losses on behalf of insurance companies, but is
not employed by any one insurance company.
Inflammable
Easily set on fire.
In Force
Insurance policy which is in effect, and has not expired or been
cancelled.
Inherent Vice
The quality that something has to deteriorate or damage
itself without outside help, e.g., milk sours; coal
combusts spontaneously.
Insurable Interest
An interest which the insured must have in the subject
matter of the insurance he buys so that if the event
insured against occurs, the insured will suffer a
pecuniary loss.
Insurance
A contract in which one party, the insurer, for monetary
consideration agrees to reimburse another, the insured,
for loss or liability for a loss on a defined subject
caused by specified hazards or perils.
Insurance
Bureau of Canada (IBC)
The trade association of the Property/Casualty insurance industry
in Canada. It concerns itself with such matters as Public
Relations, Collection of Statistics, Promulgation of
forms etc. It has a substantial permanent staff but also
many committees made up of volunteers from the senior
ranks of insurance companies.
Insurance
Crime Prevention Bureau (I.C.P.B.)
An organization supported by property and casualty insurers
which investigates fraudulent insurance claims and
provides a deterrent to such losses. Loss prevention
information is maintained by the Bureau for use by member
insurers, independent claims adjusters and government
authorities across the country.
Insurance
Institute of Canada (I.I.C.)
The educational body of the general insurance industry. It
consists of an association of provincial institutes.
Among other things, it conducts correspondence courses,
holds annual examinations and grants diplomas.
Insurance Policy
A written contract of insurance.
Insured
The
entity (individual or otherwise) whose risk of financial
loss from an insured peril is protected by the insurance
policy.
Insurer
The company providing the insurance coverage.
Insuring Clause
Describes the intent of the policy, just what insurance coverage is
provided by the policy and in what limits.
Intermediary
1) The agent/broker negotiating insurance or reinsurance
contracts for another.
2) Any party representing another party, in negotiation
with a third party.
