Glossary of Terms Image Map

Glossary of Terms - I

Indemnity

The principle upon which all property/casualty insurance contracts are based. According to this principle, the objective of insurance is to restore the insured to the same financial position after a loss that he/she was in prior to the loss.

Independent Agent

A contractor who represents different insurance companies, is not controlled by any one company, and earns commissions from policies sold.

Indirect Loss

A loss that arises from a peril, but is not directly and immediately caused by it.

Inland Marine Insurance

A form of property-casualty insurance that covers portable property and goods in transit over land, extending the coverage that is provided by Ocean Marine insurance over water.

Insolvent

The inability to pay debts when due and/or meet other current financial obligations.

Installment Payments

A sale made with the agreement that the purchased goods or services will be paid for in fractional amounts over a specified period of time.

Interest

The cost charged for the use of money, expressed as a rate per period of time, usually one year (in which case it is called an annual rate of interest). The rate is derived by dividing the dollar amount of interest by the amount of principal borrowed

Intestacy Laws

State laws governing the disposition of property when an individual dies without a valid will.

Intestate

To die without leaving a valid will.

Intestate Succession

Distribution of property according to state laws of descent upon the death of an individual who has not left a valid will.

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