A pension payable, subject to scheme rules, to members whose illness prevents them from working normally. The pension helps to offset any fall in income.
Insurance Encyclopedia
Incendiary
A fire believed to have been deliberately set. Relating to a devise used to set an arson fire.
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Malicious setting on fire or preparing, providing, and setting the means for fire to start.
Incentive coinsurance provision
Rider included in a dental insurance policy that encourages regular dental care by stating that the insurance company will pay a higher percentage of dental expenses if the insured obtains regular dental examinations for preventive maintenance.
Incentives
Financial motivators offered to providers to help encourage efficiency and quality of health services and its delivery such as managed care contract agreements that offer profit-sharing, pooling, withhold pool, bonus pool, or risk pool. Arrangements are used to persuade physicians to decrease patients’ hospital days, increase preventive health services, and consider alternative treatment.
Inception
the coming into force of an insurance contract.
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Commencement or beginning (eg of cover).
Inception Date
AKA Effective Date. The date on which an insurance policy goes into force, usually shown in the declarations page of the Policy. This may or may not coincide with premium collection dates.
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The date on which an insurance or reinsurance contract comes into force.
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UK: The date on which the insurance becomes operative.
Inchmaree Clause
Clause 2.2 of the Perils Clause of the International Hull Clauses (1/11/02) named after a ship that suffered uninsured damage (1887) following a crewman’s negligence. The clause supplements the perils of the sea clause (Clause 2.1) by adding cover for loss or damage to the vessel caused by the socalled Inchmaree perils: bursting of boilers, latent defects in hull machinery, cargo handling accidents, repairer’s negligence, crew negligence and barratry of master, officers and crew.
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Covers losses resulting from latent defect in hull and machinery of vessel and losses resulting from errors in navigation or management of the vessel by master or crew.
Inchmaree Clause (Additional Perils Clause)
Clause in ocean marine hull and cargo policies that insures against’ damage directly caused by such perils as explosion, breakdown of electrical machinery, bursting of boilers, breakage of shafts, latent defects in machinery or hull, accidents in handling cargo, and crew negligence, provided the damage does not result for want of due diligence by the vessel owner. Named for a case involving the vessel Inchmaree.
Inchmaree perils
See: INCHMAREE CLAUSE.
Incidence
Frequency of new occurrences of a medical condition within a defined time interval. The incidence rate is the number of new cases of specific disease divided by the number of people in a population over a specified period of time, usually 1 year.