The cumulative total of the policies that are either totally paid up or in the process of being paid. In life insurance, this amount is measured by the cumulative value of an insurer’s portfolio. In health insurance, this amount is the volume of premiums of the insurer’s business portfolio.
Insurance Encyclopedia
In-house brokerage agency
Division in an exclusive-agency insurance company and staffed by company-employed brokerage sales agents. They solicit distribution agreements with other companies offering products that the exclusive-agent company does not have. The company’s agents can then broker business with those companies through the in-house brokerage agency.
In-house care
See: direct care .
In-Kind
An expression relating to the insurer’s right in many property contracts to replace damaged objects with new or equivalent (in kind) material, rather than to pay a cash benefit.
In-orbit insurance
Covers the operational phase of a satellite risk.
In-patient
An individual who has been admitted to a hospital or health care facility as a patient in residence.
In-scheme AVCS
Additional voluntary contributions by a pension scheme member to an insurance company or building society chosen by his pension scheme, or to the scheme itself.
Inability to attend to business of any kind
See: Disability 2.
Inactive
Term that refers to the health insurance status of a group or insured indicating it has been canceled and is not effective.
Inadequate design
See: Faulty Design.