- Immediate Annuity
A lump-sum Annuity on which the income payments to the annuitant are to begin at once and continue for the life time of the annuitant. Immediate annuities have no “accumulation” period.
- Implied Agency
An agency created by acts or words of principle an agent, an agency inferred by circumstances.
- Implied Contract
A contract under which the agreement of the parties is demonstrated by their acts and conduct.
- Imports And Exports
A category of the Inland and Ocean Marine Nationwide Definition, which is made up of risks eligible for Marine insurance.
- Improvements and Betterments
Additions or changes made by an insured to a building that may or may not be owned by him. Cost arising from these changes may enhance values and thereby require special insurance consideration.
- In-File Credit Report
An objective account, normally computer-generated, of credit and legal information obtained from a credit repository.
A patient admitted to a hospital as a resident patient.
- Income Approach
The process of estimating the value of an income producing property by capitalization of the annual net income expected to be produced by the property during its remaining useful life.
- Income Property
Real estate developed or improved to produce income.
- Incontestable Clause
Provides that after the policy has been in force a certain length of time, the company can no longer contest it or void it, except for nonpayment of premiums. The time period is usually two years. In other words, Life and Health policies are “contestable” for the first two years, and “incontestable” thereafter. However, Health policies are always contestable for fraud!