A policy covering stockbrokers against losses due to the infidelity of staff, dealings in forged or stolen documents, and the misappropriation of documents or money.
Insurance Encyclopedia
In and out policy/all in policy
Fidelity policy for banks and other financial institutions, e.g. stockbrokers dealing in securities. The insurance applies to all or some of the following instruments: bonds, debentures, stocks, scrip, shares, transfers, certificates, coupons, warrants, cash, cheques, bank notes, bills of exchange, promissory notes, title deeds or other valuable documents. Cover is in respect of loss arising from dishonesty by employees, customers or others.
In Camera
In private.
In connection with
This phrase was said to mean ‘connected with, subserving and being ancillary to’ (Hatrick & Co. v. R (1923)). The test was applied in Kearney v. General Accident (1968) when an employee fell while painting roof trusses of a building. The employers’ liability policy excluded ‘any work in connection with roofs other than of private dwellings and/or shops… of not more than three floors. The judge considered that the painting of the trusses and the underside of the outer cover was ‘connected with, subserving or ancillary to’ work in connection with the roof.
In force
MEDICAL,USA: 1. Insurance policy that has not expired. 2. Original premium paid on an insurance policy that has not expired. 3. Total quantity of insurance at any specific time as far as cases, lives, amount (volume) of insurance, or premiums.
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A contract is said to be in force long as it remains operative until it expires or is cancelled.
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UK: A policy is in force from the time of inception until the time of expiry unless previously cancelled.
In kind (Property Insurance)
The replacement of a damaged item with a new or comparable item instead of a cash payout.
In network
Group of physicians and hospitals who contract with a managed care plan to give care to members of the plan at certain rates and to do the administrative plan paperwork.
In plan
Health care services obtained or chosen by a managed care plan member from a network or participating provider of the health plan.
In rem
Legal right or action against ‘the thing’ as opposed to the person (in personam). It includes a maritime lien that a salvor may have against the saved property (vessel or cargo). Admiralty law allows a salvor to arrest or seize property to enforce his legal right rather than arresting or seizing the owner, whose identity is often not known. The seized property is security until the claim is settled or until acceptable security is substituted. The salvor may relinquish his right to hold property and take up an action in personam for the value of the salvage award.
In respect of any one accident
See: Any One Accident.