Physician who is certified by the Industrial Medical Council (IMC) and conducts medicolegal evaluations of injured workers in workers’ compensation cases for insurance companies or workers’ compensation appeals board. IMEs render an unbiased opinion about the degree of disability of an injured worker. In addition to workers’ compensation cases, sometimes an IME is required for disability insurance, liability lawsuit, or other legal proceedings. May be referred to as agreed medical evaluator (AME) or qualified medical evaluator (QME) .
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Independent Medical Examination (IME)
A medical examination used to determine whether an injured party claiming injuries is actually injured or to the extent they claim. Independent medical examiners are registered medical practitioners who provide impartial medical assessments of an injured worker to assist decisions about: accepting a claim, ongoing liability and the worker’s level of fitness for work.
independent medical examiner (IME)
Physicians who make examinations of individuals, independent of the attending physician, and render an unbiased opinion regarding the degree of disability of a worker. IMEs are appointed by the referee or appeals board at state expense when a judge thinks additional medical evidence is necessary to provide a basis for a decision on an issue presented by the involved parties.
independent practice association (IPA)
Type of managed care organization (MCO) in which a program administrator contracts with a number of physicians who agree to provide treatment to members (subscribers) in their own offices. This is a group association that has no common facilities and is open-panel because a physician’s practice is not limited to IPA patients. Physicians are not employees of the MCO and are not paid salaries. They receive reimbursement on a capitation or fee-for-service basis; also referred to as a medical capitation plan . Also known as individual practice organization (IPO) .
independent property/casualty (P/C) brokers
Independent insurance agents or agencies that distribute many property/casualty insurance industry products from what is commonly known as independent agency system or American Agency System .
Independent range
Two (or more) policies, each covering a range of risks, are of independent range when each covers property of a specific description that is within the non-identical range of the other. The policies overlap in that they have common ground (e.g. Policy 1 insures stock in buildings A, B, and C; Policy 2 insures stock in A and B only).
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Insurance policies are said to be of independent range when one cover property of certain classes or at certain situations and the other covers classes of property or situations which are not identical. If there is some overlap in cover the respective insurers must contribute in the settlement of a loss.
Independent Risk Unit
Part of the subject matter of an insurance which is separate from and independent of other parts.
Independent trustee
Trustee unconnected to the pension scheme, its members or the employer. Such an appointment may be compulsory when an insolvency practitioner has taken over from an employer (PA 1995, ss.22-26).
Indeterminate premium life insurance
Type of nonparticipating whole life insurance that specifies both a maximum possible premium rate and a lower premium rate. The policy owner pays the lower rate for a certain period from when the policy is purchased and later the rate changes depending on the investment earnings of the insurance company. The premium rate will never be greater than the maximum premium rate. Also called flexible premium life insurance, nonguaranteed premium life insurance , and variable premium life insurance .
Index
A means of continually measuring the movement of a particular set of statistics over periods of time. Most unit trust fund managers measure their fund’s performance against that of an appropriate ‘benchmark’ index with the aim of at least matching or beating its progress. Weather derivatives are based on movements in an underlying index.