The year used when calculating social security benefits. This is usually the second year prior to turning 62, death, or disability, whichever happens first.

The adjustment of a cedant’s retention and the reinsurance limit by a measure of inflation, such as the Consumer Price Index. Under indexation, the cedant’s original retention and the reinsurance limit are multiplied by the result of dividing the index on the settlement date by the index as of the effective date of the reinsurance agreement.

A principle whereby when a premium has been agreed for a period is payable in full even though the insurer has covered the risk for only a part of the period.

The first standardized health insurance product for individuals and their families was first launched in the Indian Market by the then all the four nationalized non – life insurance companies in 1986. This products, known as Mediclaim was introduced to provide coverage for the hospitalization expenses up to a pre-defined annual limit of indemnity with certain exclusions such as maternity, pre-existing etc. It underwent several rounds of revisions the main being 2007. However, with the evolving of the market today more than 300 health insurance products are available from all the insurers in India.

Section 2(7A) of the Indian Insurance Act: Indian Insurance Company means any insurer being a company, which is limited by shares: (a) which is formed and registered under the Companies Act, 2013 as a public company or is converted into such a company within one year of the commence of the Insurance Laws (Amendment) Ordinance, 2014; (b) In which the aggregate holdings of equity shares of foreign investors, including portfolio investors do not exceed forty-nine per cent paid up equity capital of such Indian insurance company which is Indian owned and controlled in such manner as prescribed. (c) whose sole purpose is to carry on life insurance business or general insurance business or re-insurance business or health insurance business. As per Section 6 of the Indian Insurance Companies (Foreign Investment) Rules, 2015, foreign direct investment proposals which take the total foreign investment in the Indian insurance company above 26 per cent and up to the cap of 49 per cent shall be on the Foreign Investments Promotion Board (FIPB) route, and shall require FIPB approval subject to the compliance of the provisions of the Insurance Act, 1938.

(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.

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.