A rider added to a life insurance policy stating that LTC benefits will, if paid out, reduce the amount of the policy’s benefits.
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integrated medical system (IMS)
See: integrated delivery system (IDS) .
Integrated or basket policy
An insurance policy that affords coverage for several different types of liability exposure, including for example directors and officers liability, employment practices liability, ERISA fiduciary liability, professional errors and omissions liability, crime, kidnap and ransom, and perhaps other lines of coverage. These types of multiple-line policies frequently have a term of several years and may have a single aggregate limit of liability applicable to all lines of coverage, combined (except the D&O Clause A coverage, which typically has its own separate limit in order to assure protection to directors and officers for nonindemnified loss).
Integrated pension plan
Retirement plan in which benefits are coordinated with benefits of a government-sponsored pension plan.
Integrated plan (Pensions)
A type of pension plan approved by the U.S. Treasury Department, which increases benefits by a particular formula.
Integrated pollution control (IPC)
The IPC regime, under Part 1 of the Environmental Protection Act 1990, applies an integrated approach to the environmental regulation of certain industrial activities. Emissions to air, water and land must be considered together. The IPC regime has regulated polluting processes by issuing (or refusing) permits that are shortly being phased into the new Integrated Pollution and Control Regime. (Visit www.environment-agency.gov.uk).
integrated provider network (IPN)
Arrangement of primary and secondary hospitals and physicians within a specific geographical area rendering a network of medical services.
Integrated Prudential Sourcebook (‘PRU’)
the part of the FSA Handbook that contains most of the rules that must be followed by insurers in maintaining adequate financial resources; some material applicable to insurers, especially the Accounts and Statements Rules, is in another part of the FSA Handbook, the ‘Interim Prudential Sourcebook for Insurers’ (‘IPRU(INS)’). Material applicable to non-directive friendly societies is in the ‘Interim Prudential Sourcebook for Friendly Societies’ (‘IPRU(FSOC)’).
Integrated risk financing
A type of risk financing designed to provide integrated protection against catastrophic losses. It may incorporate both traditional and nontraditional types of exposures, or it may include only traditional property and casualty risks.
Integrated risk products
The integrating in a single multi-year contract of conventional insurance risks with financial and commodity risks. Where the risk transfer element is minimal they are akin to financial reinsurance with the aim of smoothing losses over time. Multi-covers and blended covers are integrated products.