1. Any condition of the insured’s health, job, activities, or lifestyle that could increase his or her expected mortality or morbidity. 2. In workers’ compensation when an injured worker cannot perform all job activities that he or she could do before suffering an injury but may perform some job duties. If the impairment substantially limits a major life activity, then a worker may qualify as disabled under the Americans with Disabilities Act.
Insurance Encyclopedia
Impairment of capital
A situation wherein the surplus fund of a stock insurer has been depleted to the point where the insurer has to invade the accounts made up of stockholder contributions to pay their liabilities. This is permitted in some locations and not permitted in others.
Impairment rider
Health insurance policy provision that limits or denies coverage for a specific physical impairment. Also called exclusion rider or impairment waiver .
Impairment waiver
See: impairment rider .
Impeach
Evidence which tends to detract from the credibility of the witness.
implementation guide (IG)
Document explaining the proper use of a standard for a specific business purpose. The X12N Health Insurance Portability and Accountability Act (HIPAA) IGs are the primary reference documents used by those implementing the associated transactions and are incorporated into the HIPAA regulations by reference.
Implementation specification
Under HIPAA, precise instructions or requirements for putting a standard into operation.
Implied authority
Authority granted to an agent, even though not stated, that lets the agent perform tasks usual and necessary to exercise the agent’s express authority. See Actual authority and Express authority.
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Authority of an agent that the public may reasonably believe the agent to have. If the authority to collect and remit premiums is not expressly granted in the agency contract, but the agent does so on a regular basis and the insurer accepts, the agent has implied authority to do so.
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MEDICAL,USA: Permission that an individual or company intends an insurance agent to have and that occurs incidentally from an express grant of authority.
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The authority that a member of the public may believe an agent to have. For example, if an agent is repeatedly seen signing contracts on behalf of the agency, though he or she may not have authority to do so, it is reasonable for the public to believe the agent has that authority.
Implied Condition
A condition to which a policy is subject that is not expressed in the policy, the fulfillment of the condition resting with either the insured or the insurer.
Implied conditions/terms
Contractual terms that by law are tacitly binding and do not have to appear in the contract. Conditions can be implied by statute (e.g. Sale of Goods Act 1979). The following conditions are implied in insurance contracts: (a) that the subject matter of insurance is in existence at the date of effecting the policy; (b) that the insured has an insurable interest; (c) that the parties observe utmost good faith towards each other at all material times and in all material particulars; and (d) that the subject matter of insurance is so described as to clearly identify it and define the risk undertaken by the insurers.