An enhanced annuity granted to a person with a shortened life expectancy. Serious health conditions, e.g. cancer, heart disease, as well as some lifestyle habits may bring annuitants into this category.
Insurance Encyclopedia
Impaired lives
Persons with health conditions that limit their life expectancy. They cannot secure life insurance on normal terms but get better annuity rates.
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Persons who suffer from some condition that may shorten their life.
Impaired Property
Tangible property which cannot be used or has become less useful because it incorporates the insured’s product or work which is defective of inadequate, or because the insured has failed to fulfill a contractual obligation.
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A liability exclusion relating to the insured’s faulty products or work that results in an impairment to the property to which it is attached assuming the insured can salvage the situation by replacing the property or redoing the work.
Impaired property (Liability Insurance)
A piece of property that includes the insured’s defective or subpar work, and because of this, can no longer be used or is less useful. This property may also be less useful because the insured did not complete a contractual obligation.
Impaired risk
See: modified risk .
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A substandard risk which is accepted on the payment of extra premium.
Impaired risk (Health Insurance/ Life Insurance)
A risk or prospective insured in less-desirable conditions; for example, a health insurance applicant who has had several heart attacks.
Impairment
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.
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 .