Engineering insurance normally includes an inspection service by engineer surveyors. There are detailed statutory requirements that call for periodic inspections of boilers and pressure vessels, lifts, cranes and other lifting plant, etc. The service usually runs in conjunction with insurance on the item concerned. The insured can opt for more than the basic statutory service. A full technical service includes advice, reports, tests and the like.
Insurance Encyclopedia
Inspector
An official of an insurance company concerned with selling and servicing of insurance.
Installation
1. Procedure of helping a group policyholder in setting up initial and continuing administrative practices of the group’s insurance plan. 2. Activities from the time an applicant decides to purchase a group insurance policy to the time the contract and its certificates are issued.
Installment certificate
Official document issued to the beneficiary of a life insurance policy that states the amount of each benefit payment and/or the period during which benefit payments are to be made under a settlement option. It also states if a beneficiary is allowed to withdraw all or part of the funds during the payment period.
Installment disability income benefits
Provision in a group term life insurance policy that equal installments are paid by the insurer over a specified time period in the event of an insured’s total and permanent disability.
Installment refund annuity (Annuities)
An annuity that pays a benefit until the equivalent of the price paid for the annuity has been paid out. These benefit payments continue regardless of whether the person covered by the annuity remains alive.
Installment refund option
Life income option with a refund that specifies that proceeds remaining on the death of the beneficiary will be paid in installments to the contingent payee.
Installment refund option (Annuities)
An option within an annuity that converts the annuity to a installment refund annuity. After choosing this option, the annuity will continue to pay benefits, even if the person covered by the annuity is deceased, until the price paid for the annuity has been paid out.
Installment settlement
Payment of an insurance policy’s proceeds in a series of payments at regular intervals instead of a lump sum.
Installment settlement (Liability Insurance)
A term referring to the payment of a life insurance policy’s benefits in installments instead of a lump sum.