Situation when a member of a group of a managed care plan incurs insurance claims in excess of a certain dollar limit during the contract period and this excess it not charged against the group’s experience. Also see stop loss .
Insurance Encyclopedia
Individual trust policies for partners
Each partner effects life insurance on his own life in trust for his partners. A separate policy is required for each partner to ensure that each has funds with which to purchase a share of the deceased (or retiring) partner’s part of the business.
Individually identifiable health information
Under the Health Insurance Portability and Accountability Act (HIPAA), data that comprises a subset of health information including demographic information collected from an individual and created or received by a health care provider, health plan, employer, or health care clearinghouse. It relates to past, present, or future physical or mental health or condition of an individual and it identifies the individual.
Inducement
Some steamship lines punish in their schedules the name of a port and the words by inducement in parentheses. This mans the vessel will call at the port if there is sufficient amount of profitable cargo available and booked.
Industrial accident
Unforeseen, unintended event that takes place at the worker’s job site. Also known as workers’ compensation injury .
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Social security case law definition: an accident arising while he is doing what his contract obliges him to do, and because of the risk created by what his contract obliges him to do. The accident must therefore be one which happens while he is within what has been called the scope or ambit of his work. An electrician injured while driving to work was held not to have had an industrial accident. An employee who has suffered an industrial injury does not have to satisfy the national insurance contributions for statutory sick pay and benefits.
Industrial Accident Commission
Office that administers and governs workers’ compensation regulations in each state.
Industrial all risks insurance
Covers accidental loss, destruction or damage to the property, except as excluded (e.g. faulty or defective design, inherent vice, latent defects, explosion of boilers, sonic bangs, collapse and others that may be applicable in real terms to certain categories of equipment). Many of the exclusions can be bought back. The property insured is industrial and commercial plant and equipment. Cover is often arranged on a first loss basis.
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The scope of cover under “All Risks” insurance is determined by its exclusions i.e., “what is not excluded specifically is covered.” An all risks policy to cover industrial risks. Each insured (a separate legal entity-sister concern or otherwise within a complex may avail of separate IAR policy. A separate IAR policy for different types of Industrial Units (Pharmaceutical, Engineering Workshop, Plastic Industries etc.) may be allowed for the same insured within one complex provided each unit. The Policy covers: Section I-Material Damage and Section II-Business Interruption. Policy is an all risks/perils other than those which are specifically excluded. The cover in its widest form will include the following perils/covers: a) Fire and all Special Perils b) Burglary c) Machinery Breakdown/Boiler Explosion/Electronic Equipment Insurance d) Business Interruption (Fire and all Special Perils) The Machinery Loss of Profit cover is optional and can be included. It is essential that the sum insured on Buildings, Machinery, furniture, fixtures and fittings and Electrical installations is fixed on the basis of Reinstatement values and stock on market value. Mid-term increase on material damage sum insured on pro-rata and decrease on short-period. The sum insured for Business interruption to be based on at least the previous years Balance sheet. Special Exclusions to Section I (Material Damage) Excluded properties:Jewellery, precious stones, precious metals, bullion, furs, curios, rare books or works of Art, standing timber, growing crops, livestock, property removed except machinery and equipment temporarily removed for repairs within India for a period not exceeding 60 days, property in course of demolition, construction or erection, property in transit, licensed road vehicles, land etc unless specified in the policy, property at the time of happening of damage is insured by a marine insurance policy, exposure to weather conditions if left in open, documents, manuscripts, etc unless specifically insured. As regards MB Cover accident, loss damage or liability resulting from overload experiments or test requiring the imposition of abnormal condition is excluded as also are excluded property for which a manufacturer, supplier, contractor or repairer is responsible.
Industrial assurance
life assurance, formerly of far more significance, run on ‘home service’ lines, with premiums collected at the door at regular intervals.
Industrial Disaster
“Industrial Disasters are caused by chemical, mechanical, civil, electrical or other process failures due to accident, negligence or incompetence, in an industrial plant which may spill over to the areas outside the plant causing damage to life and property.”
Industrial disease
A disease or illness suffered by an employee as a result of working on an industrial process or in harmful working conditions. Benefits are payable by the state under the Social Security (Industrial Injuries) (Prescribed Diseases) Regulations 1985 as amended. The victim may also be able to sue the employer for negligence or breach of statute. Prescribed diseases include asbestosis and mesothelioma; silicosis (mines and quarries); byssinosis (respiratory, cotton); tenosyniovitis (conveyor work, pottery); lead poisoning (glass, scrap metal, lead); cancer; dermatitis; occupational deafness including tinnitus.