A form of reinsurance under which the risk but not the administration is passed to the reinsurer that indemnifies the cedant for losses covered by the reinsurance agreement or treaty. The cedant retains its liability to and its contractual relationship with the insured.
Insurance Encyclopedia
Indemnity schedule
See: schedule of allowances , fee schedule , and usual, customary, and reasonable (UCR) .
Indented codes
In ICD’9’CM, codes listed after stand-alone codes whose descriptions have a dependent status. To read the description, you must first read the description of the stand-alone code that comes before the semicolon (;) and then continue with the indented description listed by the subsequent code (indented code).
Indenture
A deed to which two or more persons are parties and under which they enter into obligation towards each other. It is an agreement in Writing Independent contractor:
Independent Action
A move by which a member of a shipping conference elect to depart from the specific service rates set forth by the conference, giving ten calendar days’ notice of such action. The conference member’s new schedule of rate or rates, officially takes effect no later than ten days after receipt of notice by the conference.
Independent adjuster
An adjuster who works for various insurers to scrutinize and settle claims. These adjusters are independent contractors, who may work for other types of companies.
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An individual or member of a firm who contracts with insurers to investigate claims and suggest appropriate settlements. Contrast with Public adjuster.
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One who is licensed by IRDA and adjusts losses on behalf of companies but it not employed by any one. He is paid by fee for each loss adjusted.
Independent Adjustor
Claims adjustor who offers his or her services to insurance companies and is compensated by a fee.
Independent agency system
A system for the distribution of insurance through independent contractors. The agents work on a commission basis for insurers they have contracted with to sell or provide service on insurance policies.
Independent agent
A retailer of insurance who, by contractual arrangement with a number of insurance companies, sells and services property and liability insurance. The independent agent owns the policy information and expiration dates of his client’s coverage and thus controls renewals and their placement.
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Agents who work as independent contractors within the framework of the independent agency system.
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US: an independent business person who usually represents two or more insurance companies in a sales and service capacity and who is paid on a commission basis.
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MEDICAL,USA: Self-employed insurance company representative who may represent two or more insurance companies and is paid on a commission basis.
Independent contractor
A person hired to work for a contracted time. The independent contractor is not considered an employee.
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One who undertakes to perform certain results for another by his own method and in his own manner, being responsible only for results and not being subject to the directions of the other party with respect to details of work.