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IMPROVEMENTS
AND BETTERMENTS -
Additions or changes made by a lessee at his own cost to
a building that he is occupying, which enhance its
value. These become part of the realty and require
special insurance consideration.
INDEMNIFY
- To restore the victim of a
loss, in whole or in part, by payment, repair, or
replacement.
INDIRECT LOSS (OR DAMAGE)
- Loss resulting from a peril, but not caused
directly and immediately thereby. For example: Loss of
property due to fire is a direct loss, while the loss of
rental income as the result of the fire would be an
indirect loss.
INLAND MARINE
INSURANCE - A branch of
the insurance business which developed from the insuring
of shipments which did not involve ocean voyages.
Exposures eligible for this form of protection are
described in the nation-wide definition of Marine
Insurance. Such diverse properties as bridges, tunnels,
jewellery and furs can now be written under Inland
Marine forms.
INSPECTION
- Independent checking on facts
about an applicant or claimant, usually by a commercial
inspection agency or an employee of the insurer.
INSTALLATION FLOATER
- Coverage for equipment
and materials to be installed at job site. The form
covers property while in transit to the job site and
until equipment has been installed, tested and approved.
INSURABILITY
- Acceptability of an applicant
for insurance to the insurance company.
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 formal social device for
reducing risk by transferring the risks of several
individual entities to an insurer. The insurer agrees,
for a consideration, to assume, to a specified extent,
the losses suffered by the insured.
INSURANCE POLICY
- Legal document issued to the insured setting out the
terms of the contract of insurance.
INSURANCE TO VALUE
- Insurance written in an amount approximating the value
of the property insured.
INSURED
- The person (or persons) whose
risk of financial loss from an insured peril is
protected by the policy. Sometimes call the
"policyholder".
INSURER
- The Insurance Company. |
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