India Insured

Kenney Rule: Concept permitting a property liability insurer to write $2 of new net premiums for each $1 of policyowners' surplus. Keogh (HR 10) Account: An account to which a self-employed person can make annual tax deductible contribution of the lesser of 25% of income or $30,000. Key-Person Insurance: Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.

Joint-and-Several Liability: A legal principle that permits the injured party in a tort action to recover the entire amount of compensation due for injuries from any tort feasor who is able to pay, regardless of the degree of that party's negligence. Joint-and-Survivor Annuity: A contract that provides income periodically, payable during the longer lifetime of two persons. The amount payable may decrease at the death of one or the other. (See Contingent Annuity Option) Joint Tenants: A form of joint property ownership with right of survivorship, i.e., in which the survivors automatically own the share of a deceased co-owner. Joint Underwriting Association: One of several types of "shared market" mechanisms used to make automobile insurance available to persons who are unable to obtain such insurance in the regular market. JUAs also have been created in some states to help alleviate availability problems in the fields of medical malpractice and commercial insurance....

Immediate Annuity: An annuity providing for payment to begin immediately. Immediate Participation Guarantee Plan : (IPG) Type of pension plan in which all pension contributions are deposited in an unallocated fund and used directly to pay benefits to retirees. Imputed Negligence: Case in which responsibility for damage can be transfered from the negligent party to another person, such as an employer. Incontestability: Life policies provide that, except for non-payment of premiums and certain other circumstances, the policy shall be incontestable after the policy has been in force for two years during the lifetime of the insured. Incontestable Clause: An optional clause which may be used in noncancelable or guaranteed renewable health insurance contracts providing that the insurer may not contest the validity of the contract after it has been in force for two (sometimes three) years. Incurred Claims: Incurred claims equal the claims paid during the policy year plus the claim ...

Hard Market: That part of the insurance sales cycle in which competitive pricing is at a minimum as companies charge the premiums necessary to meet their underwriting losses in order to avoid insolvency and boost capacity; usually associated with a sharp decline in capacity (see "Soft market"). Hazard : Condition that creates or increases the chance of loss. Health Insurance: Insurance against financial losses resulting from sickness or accidental bodily injury. Health Insurance : Protection which provide payment of benefits for covered sickness or injury. Included under this heading are various types of insurance such as accident insurance, disability income insurance, medical expense insurance, and accidental death and dismemberment insurance. Health Insurance : Insurance providing for the payment of benefits as a result of sickness or injury. Includes various types of insurance such as accident insurance, disability income insurance, medical expense insurance, a...

General Agency System: Type of life insurance marketing system in which the general agent is an independent businessperson who represents only one insurer, is in charge of a territory, and is responsible for hiring, training, and motivating new agents. General Average: In ocean marine insurance, a loss incurred for the common good that is shared by all parties to the venture. General Damages: Damages awarded to an injured person for intangible loss which cannot be measured directly by dollars. Popularly known as "pain and suffering." General damages are distinguished from special damages which are awarded for actual economic loss, such as medical costs, loss of income, etc. General Liability Insurance : Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery...

Face Amount: The amount stated on the face of the policy that will be paid in case of death or at the maturity of the policy. It does not include additional amounts payable under accidental death or other special provisions, or acquired through the application of policy dividends. Facility: A pooling mechanism for insureds not able to obtain insurance in the voluntary market. Insurers write and issue policies but cede premium and losses on those policies to a central pool in which all insurers share. Facility of Payment: A contractual provision that allows the insurer, under stated conditions, to pay insurance benefits of up to $1,000 to a person or persons other than the insured, the designated beneficiary, or the insured's estate. Factory Mutual: Mutual insurance company insuring only properties that meet high underwriting standards. Emphasizes loss prevention. Facultative Reinsurance: A type of reinsurance in which the reinsurer can accept or reject any risk presented by...

Early Retirement: Retirement of a participant prior to the normal retirement date, usually with a reduced amount of annuity. Early retirement is generally allowed at any time during a period of 5 to 10 years preceding the normal retirement date. Earned Income: Employment income derived from salary, wages, commissions, or fees. Earned Premium: The part of the total property/casualty policy premium which applies to the portion of the policy period which has already expired. Earned Premium: The portion of a premium which is the property of an insurance company, based on the expired portion of the policy period. E.g., a $300 premium for a one-year policy beginning July 1 would amount to an earned premium of $150 the following January 1. Earned Premium: That portion of a policy's premium payment for which the protection of the policy has already been given. For example, an insurance company is considered to have earned 75 percent of an annual premium after a period of nine mont...