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I- I. Ia Ib Ic Id If Ig Il Im In Ip Ir Is It

Indemnity commission

Commission advanced by a life company to an intermediary on the understanding the company can clawback the whole or part of the commission if the policy lapses within a specified period of time.
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commission paid to an agent in advance but subject to the condition that it shall be repaid if the premium by reference to which it is calculated is not paid by the policy holder, for example, because the policy is allowed to lapse.

Indemnity limits

Imposed by liability (re)insurers to put a ceiling on their potential liability. Public liability insurers usually limit their liability in respectof the damages and claimant’s costs arising from any ‘one occurrence’ with no limit for the period of cover. In addition the insurer pays the insured’s own costs but some liability policies are ‘costs inclusive’. Under products liability and professional indemnity policies it is usual to impose annual aggregate limits per-occurrence limit. Some policies may contain both per-occurrence and annual limits. ‘Inner’ or ‘sublimits’ may be applied to particular forms of loss (e.g. financial loss cover). with no

Indemnity Period

The period beginning with the date of the damage during which the turnover of the business is affected by the damage. It lasts until the turnover recovers and reaches the point at which it would have been had the loss not occurred, or the expiry of the maximum indemnity period – the number of months selected by the insured – whichever comes first.

Indemnity plan

Health insurance plan in which the insured pays 100% of all medical bills until he or she reaches the annual deductible and then the insurance company pays a percentage of covered benefits up to a maximum amount. Most indemnity plans pay 80% of total charges, leaving policyholders with a 20% coinsurance. The insured may obtain care from any health care provider and the provider is paid each time a service is rendered on a fee-for-service basis. The insured pays a fixed monthly premium, but these plans are more expensive than a managed care plan. These plans often provide coverage only for medically necessary doctor visits and not preventive care. A “pure” indemnity plan has no controls on utilization or price; a “managed” indemnity plan incorporates some utilization review and case management. Schedule of allowances, table of allowances, and usual, customary, and reasonable (UCR) are examples of indemnity plan fee schedules. Also known as indemnity insurance, conventional group insurance , and traditional insurance .