A trust that cannot be revoked by the individual who established it.
Insurance Encyclopedia
ISAS
Individual Savings Accounts provide tax-free saving. Individuals can invest a total of £7,000 per year. From this figure, £1000 may go into life insurance, £3000 into cash deposits and £3000 into stocks and shares in a maxi-ISA. The other maxi-ISA combines cash and/or life insurance with stocks and shares as long as the entire package is provided by one company. Mini Cash ISAs and Mini Stocks and Shares each have a limit of £3,000. Mini Insurance ISA’s have a £1,000 limit.
ISN
Acronym for integrated service network. See accountable health plan (AHP) .
Issue risk policy
Covers the risk of loss to a reversioner (the owner of property which will revert to him on the determination of a particular estate, e.g. death of a life tenant) caused by the birth of a child to the life tenant. The policy is on an indemnity basis.
Issued and renewed
a term used in accounting for excess of loss (reinsurance) treaties whereby all claims under policies issued or renewed in the treaty year are covered, no matter in what year they may occur; the reinsurer is at risk until all policies covered by the treaty for that year have expired and all losses have been settled.
Issued business (Life Insurance)
Contracts that have already been written but have not yet been agreed to by the insured.
Issuer risk
Risk of financial loss if the issuer of a security (bank or corporation) defaults on repayments or interest and/or capital repayment.
Issuing bank
Financial institution that sells and issues life insurance policies in its own name. It also issues its contracts, administers its records, and invests the assets of its insurance department.
Italicized code
Diagnostic code in ICD-9-CM, Volume 1, Tabular List that may never be sequenced as the principal diagnosis.
Item
(i) A term used to identify a statement in a policy as to what is insured. In a Fire policy one might refer to the contents item, meaning the coverage in the policy which applies to the contents. (ii) An individual entry, such a piece of jewellery, listed with its description and valuation on a schedule by a policy showing items covered.
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A general term that can be used to refer to an individual piece of property that is listed as covered within a policy. This can also mean a schedule within a policy that lists all the property that is insured.
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US: A policy, binder, endorsement, cancellation, audit, etc.