Covers an excess amount over the insured value of the property, hull or cargo. The insurance stands alone for a separate agreed amount in excess of the agreed value and is written as a total loss only cover. In the case of cargo I/V covers increases in value during the currency of the underlying policy. Hull policies limit the amount of I/V cover in excess of the agreed hull value.
Insurance Encyclopedia
Increasing extra risk
A life insurance term to describe an extra risk that increases with the passing of time, e.g. being overweight or chronic bronchitis.
Increasing term assurance
the premiums and sum assured are increased by a predetermined proportion each year calculated on the original sum assured.
Increasing term insurance
Type of term insurance in which the death benefit increases during the coverage either at specific intervals, by a certain amount or percentage, or according to the cost of living.
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UK: Term insurance for individuals uncertain as to future life insurance requirements. A five-year policy may offer without further evidence of health options to: exte the policy term; increase the sum insured by 50 per cent; convert to a whole life or endowment subject to an age limit of 60.
Increasing term insurance (Life Insurance)
A term policy that maintains the same premium throughout the term and has an increasing death benefit.
Incremental Cost to Export
The additional costs incurred while manufacturing and preparing a product for export (e.g., product modifications, special export packaging and export administration costs). This does not include the costs to manufacture a standard domestic product, export crating and transportation to the foreign market.
Incremental nursing charge
In the hospital setting, a nursing service fee that is assessed in addition to the room and board charge.
Incur
To suffer or become liable for a financial loss, medical claim, or health expense such as when a health insurance plan is legally responsible and must pay on a claim for an insured.
Incurred basis
Costs based on when the medical service was performed rather than when the payment was made.
Incurred But Not Enough Reported (IBNER)
is a provision in claims and losses already reported but which have not yet been paid in full for potential increases in the value of these claims when they are ultimately paid; decreases can occur, although infrequently. It is created because reported claims reserves tend to increase from the time a claim occurs until the claim is settled. Changes in insurance company case reserves, during the accounting period and established by judgment and/or formula, often result from a lag in information on liability and damages.
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UK: An expression used by insurers when referring to the inadequate reserving of past claims.