Insolvent individual, partnership, corporation, or business association involved in a liquidation proceeding.
Insurance Encyclopedia
Insolvent insurer
An insurer who does not have the funds to meet all of the financial obligations it is contracted to meet.
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An insurer which is unable to meet its financial obligations.
Inspection
Examination of a risk to be insured to decide on acceptance, or rejection.
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MEDICAL,USA: Report that describes the evaluation of risk by an insurance company.
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The process of verifying facts about a party in an insurance contract, whether a policyholder, claimant, or new applicant. This process is usually done by a commercial agency.
Inspection bureau (Liability Insurance/Property Insurance)
A group that investigates possible exposures and establishes rates. These groups are created by property and liability insurers.
Inspection Certificate
A document certifying that the subject matter of insurance was in good condition immediately prior to acceptance of insurance.
Inspection classes
Refers to the different types or classes of plant and machinery in connection with which engineering insurers provide an inspection/examination service. Broadly, this means: boiler and pressure plant; lifts, cranes and lifting machinery; and electrical and mechanical plant. See INSPECTION SERVICES; STATUTORY EXAMINATIONS.
Inspection company
Professional independent agency that investigates individuals who apply for insurance.
Inspection fees
Fees for statutory boiler inspections. Fully earned when paid (not part of property policy premium or routine engineering expenses).
Inspection of records clause
Reinsurance clause allowing reinsurer to inspect the reinsured’s records relating to transactions under the contract. The right of inspection extends beyond the end of the contract for so long as the reinsurer has a remaining liability.
Inspection receipt
Proof of payment slip that is given to an insurance applicant when he or she receives a policy for review. The receipt informs the applicant that the insurance is not effective until acceptance and legal delivery by the insurance company.