(Structured Formula for Compensation) The Act was amended on 14.11.1994 to introduce a new concept of payment of compensation on structured formula basis. The new section provides for fixed compensation to be paid to victims of fatal injuries in motor vehicle accidents, based on their age and income. This would be full and final settlement.
Insurance Encyclopedia
Indian Railways Act, 1890
(as amended from time to time the latest being Indian Railways Act 2005)The Act deals with various aspects of Railways administration as is relevant also to marine Insurance practice as it deals with the responsibility of Railway administration as carriers. The Railways Claims Tribunal Act 1987 provides for formation of Tribunals to deal with claims for cargo loss, personal injuries, refund of excess freight etc., and prescribes procedures thereunder.
Indian Register of Shipping (IRS)
India Register of Shipping (IRS) is a national ship classification society established in India in April 1975. The services of IRS are also available for purposes such as damage survey of ships, offshore structures and related equipment and containers and design appraisal, inspection and certification of fixed offshore platforms during construction on behalf of underwriters etc. It has attained full membership of International Association of Classification Societies (IACS) in June 2010.
Indian Reinsurer
As per IRDA’s General Insurance-Reinsurance Regulations, 2000 “Indian re-insurer” means an insurer which has been granted a certificate of registration under sub-section (2A) of Section 3 by the Authority to carry on exclusively the re-insurance business in India and is approved in this behalf by the Central Government.
Indian Roads Congress (IRC)
Set up in December 1934, the Indian Roads Congress (IRC) is the Apex Body of Highway Engineers in the country
Indian Shipping and Transport News
This is a daily publication on shipping, ports, railways, roadways and aviation. A part from shipping news, it publishes also (i) schedule of movements of ships due in Bombay and Nhava Sheva for export loading, (ii) movement of ships for import discharge, (ii) ships at berth at docks in Bombay and at Jawaharlal Nehru Port (Nhava Sheva), and (iv) container schedules.
Indicate
A broker who has obtained a quotation fro a leading underwriter for a line of an insurance is said to indicate a rate when he informs his client of this.
Indication
A non-binding statement by an underwriter of the likely level of premium that he would charge to underwrite a risk, subject to the provision of additional information. Compare quotation.
Indicator
1. Key clinical value or quality characteristic used to measure, over time, the performance, processes, and outcomes of an organization or some component of health care delivery. 2. Correct coding initiative (CCI) indicators designate which procedure codes can be pulled out of a bundle and which cannot.
Indigent
Individual who is not able to pay for medical services or treatments and is not eligible for benefits under the Medicaid or other public assistance program.