See: internal medicine (IM) .
Insurance Encyclopedia
image copy recognition (ICR)
Same as optical character recognition (OCR) .
IMB Piracy Reporting Centre
International Marine Bureau’s centre started in 1992 following the growth in piracy on the oceans. It maintains a round the clock daily watch and, working with law enforcement, reports suspicious shipping movements, piracy and armed robbery at sea anywhere in the world. It publishes information on the Internet that puts ships’ masters on the alert. Weekly piracy report and other details can be viewed on www.iccwbo.org/ccs/ menu_imb_piracy.asp. See PIRACY.
IME
Abbreviation for independent medical evaluation, independent medical examiner, and independent medical evaluator. See independent medical evaluation (IME), independent medical examiner (IME) , and independent medical evaluator (IME) .
IMF: International Monetary Fund
International Monetary Fund, an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Immature Policies
Claims made coverage which has not been in effect, on an uninterrupted basis, for at least five years. For rating purposes, a discount applies to manual rates for immature policies.
Immature policies (Liability Insurance)
A claims made on a policy that has been in effect for less than five years. When being rated, a discount on the manual rates for these policies.
Immediate annuity
Contract that begins making periodic payments to the annuitant within 1 year from the purchased date.
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UK: An annuity that commences payment to the annuitant at the end of the first prescribed payment period after the payment of the purchase price.
Immediate care annuity
Purchased life annuities to fund the care of the elderly entering residential or nursing homes at a time of need. The annuity takes the form of tax-free payments to the care provider as it is a part of their taxable income. Immediate care annuities are ‘designated investments’ and therefore subject to the FSA’s Conduct of Business Rules. The annuities may be linked to the Retail Price Index.
Immediate cause
This means the proximate cause, i.e. the nearest cause in efficiency and not the nearest in time. Bacon summarised this by saying, ‘it were infinite for the law to consider the cause of causes, and their impulsions one of another, therefore, it contenteth itself with the immediate cause, and judgeth of acts by that, without looking to any further degree.