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Sunday, September 25, 2016
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Life Insurance Glossary

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Impaired Risk:
A person with a substandard physical condition such as a history of stroke or heart attack who would be a higher probability of risk for the insurer. An applicant who engages in hazardous activities could also be an impaired risk.

Indemnity:
The restoration of loss in the form of payment or replacement.

In-Force Business:
Cases on which the premiums are paid or are being paid as part of a life insurance company's business portfolio.

Inspection Report:
A report prepared by an inspection organization for the insurance company that summarizes the financial, physical, moral or other attributes of an applicant for insurance. Inspection reports are typically required for applicants applying for larger amounts of life insurance.

Insurable Interest:
The expectation of financial loss that can be covered by an insurance policy. For example, a person might have an interest in his or her home because the loss of it could cause financial hardship. A beneficiary must have an insurable interest in the life of the insured in order to be designated a beneficiary at the time of the application.

Insurance:
A mechanism for reducing the risk of many by contractually transferring the risk to an insurer, thereby pooling the risk in return for monetary considerations from the insured.

Insured:
The person who is covered by an insurance policy.

Insurer:
The party who offers protection to the insured as outlined in the policy.

Irrevocable Beneficiary:
A beneficiary who can be changed only through written consent from that beneficiary.

Issue Age:
Insurance age of insured used to calculate the premium of an insurance policy.


For more reference, click on any of the letters below to find life insurance terms that begin with that letter.
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