An amount loaded into the premium to compensate for future inflation of medical costs and loss payments.
Insurance Encyclopedia
Inflation guard clause
Additional provision to a homeowner’s insurance policy that automatically adjusts the dwelling limit on renewal of the policy because of current construction costs. Also called inflation guard endorsement .
Inflation guard coverage (Property Insurance)
Insurance that intermittently increases in value to keep a realistic amount of coverage, due to the rapidly inflating cost of building materials.
Inflation Guard Endorsement
An endorsement attached to an insurance policy where the limits of liability on a piece of property are increased on a regular basis by a certain percentage in order to offset increasing building costs associated with inflation.
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An endorsement attached to an insurance policy whereby the limits of liability on a piece of property are increased on a regular basis by a certain percentage in order to offset increasing building costs associated with inflation.
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MEDICAL,USA,REFERENCE: See: inflation guard clause .
Inflation Protection
Provisions in a health insurance policy that increase benefit levels to account for anticipated increases in the cost of covered services.
Inflation protection (Health Insurance)
A stipulation in a health insurance contract that augments the amount of the benefits in anticipation of the cost of medical services rising.
Inflation rate risk
The risk that significant increases in the inflation rate will have a disproportionate effect on insurers, e.g. the inflation factor built in to long-tail liability claims may outweigh the general economic level of inflation. Inflation is also of importance in health and medical insurance as the claims inflation may be higher than economic inflation.
Influenza vaccine
Preparation of killed microorganisms, living attenuated organisms, or living fully virulent organisms that is administered to produce or artificially increase immunity to influenza.
Informa Group
Created out of the 1995 merger between Lloyd’s of London Press Ltd and IBC Ltd. The previous publications, Lloyd’s List, Lloyd’s Shipping Index, Lloyd’s Casualty Week are now part of the Informa Group’s family of products and services. The website www.infformamaritime.com sets out comprehensive details. See LLOYD’S MARINE INTELLIGENCE UNIT.
Informal plan (Pensions)
A plan for retirement wherein no specific benefit amount has to be paid and no source of funding is specified. Legally, under this plan, the employer has no compulsory duties and the employee has no rights.