An FSA regulated activity covering arranging the purchase of insurance policies; advising on insurance policies; dealing as an agent. Assisting in the administration and performance of policies is also regulated.
Insurance Encyclopedia
Insurance Services Office (ISO)
An organization providing statistical information, actuarial analyses, policy language, and related services for the insurance industry.
Insurance Services Offices (ISO)
Major rating organization in property and liability insurance that drafts policy forms for personal and commercial lines of insurance and provides rate data on loss costs for property and liability insurance lines.
Insurance to Value
(i) Property Insurance equal, or almost equal, to the full insurable value of the property. (ii) Amount of property Insurance needed to comply with a Coinsurance requirement. See Also: “Coinsurance.”
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An insurance contract that estimates the worth of the items insured therein.
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The concept of purchasing sufficient insurance coverage so as to closely approximate the value of the property being insured.
Insurance Training Centre, Calcutta
A leading training center on various faculties of Insurance. The center organizes various training programs for the Insureds, their employees, Agents, surveyors and other professionals to learn all aspects of Insurance, risk management, safety, loss prevention/minimization and claims procedure.
Insurance trust
Written agreement created during the lifetime of the individual who creates the trust. It is funded by insurance policies on the life of the trust’s creator or by the proceeds from the policies.
Insurance year of birth
Insured individual’s year of birth under a group insurance plan that represents the insurance age of the person on the policy anniversary.
Insurance-linked securities (ILS)
A way of transferring insurance risk to the capital market by way of securitised bonds, e.g. catastrophe bonds and life bonds. They are attractive to investors as they have a high yield and lack correlation with other assets. Losses caused will be unconnected with economic downturns. There are three types of trigger for ILSs: indemnity (actual losses of bond-issuing insurer); index (benchmarking of loss estimates); or parametric.
Insurance-linked swap
Swap transaction under which the investor receives fixed payments for an agreed term in return for a promise to pay a specified amount if an insurance-related event, e.g. earthquake, occurs.
Insurance-to-value policy
Insurance policy that is written in an amount that is close to the value of the property insured.