Documented face-to-face time or floor/unit time that may be used to calculate the level of Evaluation and Management code when time is the determining factor for the encounter with a patient.
Insurance Encyclopedia
Intrastate Carrier
A transportation company whose business is confined to one state.
Introducer
In terms of the conduct of designated investment business an individual appointed by a provider firm or appointed representative whose role is simply to effect introductions or distribute non-real time financial promotions e.g. leaflets and brochures. The introducer should not give any investment advice except discreet advice to the effect that the client should consider making an investment and recommending a suitably authorised individual or firm he or she may consult. Introducing is also regulated under ICOB as part of arranging non-investment insurance contracts.
Introducer approved representative
An appointed representative appointed by a provider firm and whose scope is limited to: effecting introductions; distributing non-real time financial promotions, e.g. leaflets, brochures. Such a representative can have an unlimited number of principals.
Introducing
See: introducer.
Intruder Alarm
An alarm that gives warning of entry to the premises or some part of them.
Intruder alarm warranty
Warranty whereby the insured under a commercial policy must: install an intruder alarm system as specified; inspect and maintain the system in accordance with specified standards by a NACOSS or other approved installer; put the system into full and effective operation whenever the alarmed portion of the building is closed or unattended. All keys must be removed from the premises when closed or unattended except for a part of the premises residentially occupied.
Inundation
Submergence (i.e. to sink under the surface of liquid). The rising of a body of water and its overflowing onto normally dry land.
Inure to the benefit of
Means taking effect for the benefit of a particular party. Reinsurance contracts may provide that other reinsurances, applied first to the loss, are to ‘inure to the benefit of the reinsurer. If the other insurances are to be disregarded they ‘inure to the benefit’ of the reinsured.
Inuring Reinsurance
A list of additional reinsurance contracts that are initially implemented in accordance with the conditions of a certain reinsurance agreement in order to lessen the loss covered by that specific reinsurance agreement.
These additional “inuring” reinsurances essentially insure the specific reinsurance contract they insure. It is argued that the other reinsurances only benefit the reinsured if they are to be ignored in regards to loss under that specific arrangement.
For instance: A ceding insurer has a per occurrence excess of loss contract (catastrophe reinsurance) for £80 million over £20 million and a 50% quota share agreement. There is a £100 million disaster loss.
In the event that the quota share contract benefits the catastrophe reinsurer, the ceding insurer bears the £20 million catastrophe retention, the catastrophe reinsurer reimburses the ceding insurer to the extent of £30 million, and the quota share reinsurer receives the first £50 million of the £100 million gross loss.
The catastrophe reinsurer would have suffered a loss of £80 million following the ceding insurer’s £20 million retention, and the QS cession would have applied to the remaining £20 million, netting the cedent’s loss to £10 million, had the quota share not inured to the catastrophe reinsurer’s benefit.