Fees for statutory boiler inspections. Fully earned when paid (not part of property policy premium or routine engineering expenses).
Insurance Encyclopedia
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.
Inspection report
MEDICAL,USA 1. Investigative report by a consumer reporting agency about a proposed insured’s lifestyle, job, and financial background. 2. Document prepared by an inspection agency summarizing data about an applicant for a life or health insurance policy (i.e., financial, habits, morals, and physical condition).
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US A report (usually written) of an investigation of an applicant, conducted by an independent agency that specializes in insurance investigations. The report covers such matters as occupation, financial status, health history, and
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A report compiled by an inspection bureau or an insurer that summarizes the features of an insured or an applicant. This can include the financial or physical aspects.
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A report prepared for an insurer by an outside organization. It provides information about an applicant’s or insured’s financial and moral attributes and condition of physical property to be insured.
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A summary statement of the physical financial and moral attributes of an insured or an applicant for insurance on his property. Such reports are prepared by the Inspection Bureaus, specialized organizations and insurers.
Inspection services
Engineering insurance normally includes an inspection service by engineer surveyors. There are detailed statutory requirements that call for periodic inspections of boilers and pressure vessels, lifts, cranes and other lifting plant, etc. The service usually runs in conjunction with insurance on the item concerned. The insured can opt for more than the basic statutory service. A full technical service includes advice, reports, tests and the like.
Inspector
An official of an insurance company concerned with selling and servicing of insurance.
Installation
1. Procedure of helping a group policyholder in setting up initial and continuing administrative practices of the group’s insurance plan. 2. Activities from the time an applicant decides to purchase a group insurance policy to the time the contract and its certificates are issued.
Installment certificate
Official document issued to the beneficiary of a life insurance policy that states the amount of each benefit payment and/or the period during which benefit payments are to be made under a settlement option. It also states if a beneficiary is allowed to withdraw all or part of the funds during the payment period.
Installment disability income benefits
Provision in a group term life insurance policy that equal installments are paid by the insurer over a specified time period in the event of an insured’s total and permanent disability.
Installment refund annuity (Annuities)
An annuity that pays a benefit until the equivalent of the price paid for the annuity has been paid out. These benefit payments continue regardless of whether the person covered by the annuity remains alive.