Insurance terms starting with I

12 terms

Illinois Automobile Insurance Plan (assigned risk plan) A plan for people who can't obtain insurance through the voluntary market.
Illinois Insurance Guaranty Fund A fund that pays an insurer’s claims when the company is insolvent. All Illinois-licensed insurance companies belong to the Illinois Guaranty Fund.
Income Loss Pays a portion of your wages when injuries sustained in an auto accident keep you from working.
Increased Cost of Compliance (ICC) Coverage for expenses a property owner must incur, above and beyond the cost to repair the physical damage the structure actually sustained from a…
Independent adjuster A person who charges a fee to an insurance company to adjust the company’s claim.
Inflation guard endorsement An endorsement to a homeowner policy that automatically increases the amount of insurance every three months.
Inflation protection Automatically adjusts your home insurance policy limits to account for increases in the costs to repair or rebuild a property.
Inspection Report A report filed by an individual employed by the insurance company or credit agency, giving general information on the physical condition of the property.
Insurable interest Any financial interest a person has in the property or person insured. In life insurance, a person´s or party´s interest - financial or emotional - in…
Insurance to value An amount of insurance at, or close to, the value of the property insured.
Insured The policyholder or person(s) protected in case of a loss/claim.
Insurer The insurance company.