Advisory boards composed of physicians, scientific professors, ethicists, and concerned nonscientists that have been created by federal legislation to oversee research on human subjects and to protect those subjects from research abuses.
Insurance Encyclopedia
Instructional notes
Detailed descriptions about diagnostic code selection for the insurance biller that appear at the beginning of a heading, in parentheses before or after a code, or in parentheses as part of the code’s description. Also see inclusion note .
instrumental activities of daily living (IADLs)
Physical activities that are necessary for living independently in the community such as cooking meals, shopping for groceries, managing money, taking medications, using the telephone, doing laundry, and housekeeping. Compare with activities of daily living (ADLs) .
Insulation
A hearting retarding material applied in outside walls, top floor ceiling, or in roof to prevent passage of heat or cold in or out of building.
Insur-sure Services Ltd
Formed in 2001 to unify the back office support for the London Insurance Market. It is owned by Lloyd’s (25 per cent), the International Underwriting Association (25 per cent) and by Xchanging (50 per cent). The company has combined the separate processing and settlement operations of Lloyd’s Policy Signing Office and the IUA’s London Processing Centre into a single service for syndicates, insurance companies and brokers. The company also has an e-business infrastructure to enable market participants to continue to compete effectively globally. Xchanging is a company owned by General Atlantic Partners LLC, a leading investor in IT, Internet and Internetenabled business.
Insurability
A measure of whether a person or property is an acceptable risk. An applicant who has met the standards set by an insurance company is deemed insurable.
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US: Acceptability to the company of an applicant for insurance.
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Acceptability to the insurer of an applicant for insurance. Able to be insured against. In principle one may insure against the financial consequences of any event where it is a matter of fortuity whether the event will occur or when it will occur. On cannot insure against the consequences of one’s deliberate acts or where insurance would be against public policy. In practice a risk may be uninsurable where (a) the prospect of widespread loss is too great for the insurer to accept, e.g., war damage to property on land; (b) the risk is entrepreneurial, e.g., the risk of a change of fashion rendering stock unsalable; and (c) the risk is too great or unquantifiable.
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MEDICAL,USA: Physical, moral, occupational, and financial characteristics of a risk that are evaluated by an insurance company to determine whether to insure the entity.
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UK,REFERENCE See: Insurable Risk.
Insurability provision
Insurance rider that says for a policy to become effective, the insured must be insurable at the time of delivery of the policy according to the underwriting rules and practices of the insurance company.
Insurability statement
Evaluation form that an insurance agent may present to an applicant to fill out when a considerable amount of time has passed between the time the original application is received by the insurance company and the time the policy is issued. It is used to determine if any insurability factors have changed since the original application was completed.
Insurability type temporary insurance agreement
Contract issued together with a conditional premium receipt that gives temporary life insurance coverage from the date stated in the agreement on the condition that the proposed insured is insurable.
Insurable interest
UK: a legal or equitable financial interest, in property or in the happening of some event; such an interest is essential for the validity of a contract of insurance; in life insurance the policy holder must have a financial interest in the life assured at the time the policy is issued.
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UK: A principle of insurance whereby a policy is not valid unless the insured person stands to suffer a financial loss if the insured event occurs (e.g. loss or damage to property or creation of a liability), or benefit from the non-occurrence of the event, i.e. the property being preserved or no liability being created. Generally, an insurable interest must exist when the policy is issued and at the time of loss except in the case of marine insurance, when interest is required only at the time of loss, and in life insurance when interest is required only at the inception. See GAMBLING ACT; POLICY PROOF OF INTEREST.
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US: An interest by the insured person in the value of the subject of insurance, including any legal or financial relationship. Insurable interest usually results from property rights, contract rights, and potential legal liability.
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MEDICAL,USA: Concern of an insured or beneficiary in property or the life of an individual in which there would be financial loss if the insured died or if the property is damaged or destroyed. For example, if an individual sells an automobile and is paid in installments, he or she has an insurable interest in the automobile in proportion to how much money remains unpaid. The buyer also has an insurable interest.
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If an insured wishes to enforce a contract of insurance before the Courts he must have an insurable interest in the subject matter of the insurance, which is to say that he stands to benefit from its preservation and will suffer from its loss. In non-marine insurances, the insured must have insurable interest when the policy is taken out and also at the date of loss giving rise to a claim under the policy. In life insurance the insured must have insurable interest must when the policy is taken out and in marine insurance the insured must generally have insurable interest at the date of loss giving rise to a claim under the policy.
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Insurable interest means the legal right to insure that is to say that it arises out of a relationship between the proposer and the subject matter of Insurance. For insurable interest to exist there must be property, rights, interest, life or liability which must be insured and the insured should have a legally recognized relationship thereto. He benefits by the safety of the property or is prejudiced by its loss. Insurable interest could arise in a number of ways such as (01) ownership (02) mortgagee (03) trustee (04) Bailee, or (05) lessee. In all general Insurance contracts, other than Marine, the insurable interest must be present both at the time of taking out the Policy and also at the time of loss. That is to say the insurable interest must prevail throughout the currency of the Policy. In marine Insurance, the insurable interest must exist at the time of loss.
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The interest an individual or company has in an insured item that would cause him or her financial harm if a loss were to occur.
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The potential for financial loss associated with damage or destruction of property. It is the principle of insurance interest that keeps insurance from becoming gambling. Most carriers require an insured to have insurable interest in the property before agreeing to provide coverage.