A capital budgeting method under which the financial manager first calculates the discount rate that would equate the present value of the net cash inflow with the amount of the investment. If this discount rate is less than the firm’s cost of capital or some other desired minimum return, the investment is not worthwhile. If the discount rate equals or exceeds this desired minimum return. The investment may be worthwhile but its internal rate is return must be compared with the corresponding returns on other possible investments.
Tag: RAW
Internal replacement
To give up a life insurance policy because the insured wants to purchase another insurance policy issued by the same insurance company.
Internal Revenue Service (IRS)/Social Security Administration (SSA)/Centers for Medicare and Medicaid Services Data Match
Process by which information on employers and employees is provided by the IRS and SSA and analyzed by the Centers for Medicare and Medicaid Services for use in contacting employers concerning a possible period of Medicare Secondary Payer (MSP). This information is used to update the Medicare Common Working File (CWF).
Internal review
Process of going over financial documents in the medical office before and after billing insurance carriers to determine documentation deficiencies or errors.
Internal risks insurance
Motor trader’s version of a public liability policy but adapted to cover custody and control of customers’ cars, the sale of parts and defective workmanship, if required.
Internal Risks Policy
A policy for a Motor trader with special reference to his liability for loss or damage occurring on his premises.
International Air Transport Association (IATA)
Promotes safe, regular and economical air transport and is a means of collaboration amongst air transport operators. IATA has drawn up standard conditions relating to the carriage of passengers and baggage setting out limits of liability. Carriers are always free to use their own conditions. The IATA Inter-Carrier Agreement on Passenger Liability has ‘modernised’ the Warsaw Convention.
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Association formed in 1945, following the Chicago Convention of 1944 The main objects of the Association are:(a) to promote safe, regular and economical air transport for the benefit of the world, to foster air commerce, and to study the problems connected therewith; (b) to provide means for collaborating among the air transport enterprises engaged directly or indirectly in international air transport services; and (iii) to co-operate with International Civil Aviation Organizations and other international organizations.
International Association of Health Underwriters
An association of agents and related personnel on the Health Insurance Business.
International Association of Insurance Supervisors (IAIS)
Represents insurance supervisory authorities from about 100 jurisdictions. It promotes cooperation among insurance regulators; sets international standards for insurance supervision; provides training for its members; coordinates work with regulators in other financial sectors and international financial institutions. (Visit www.iais.org).
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IAIS is the forum which represents the Association of Insurance Regulators worldwide. IAIS represents Insurance Regulators an Supervisors of some 190 jurisdictions in nearly 140 countries, constituting 97% of the world’s insurance premiums. IAIS has drafted insurance core principles (ICPs), which provide the globally accepted framework for insurance sector. This has become a guidance document for the insurance regulators globally and the level of development of regulatory framework in a country is measured with reference to the benchmarks set by IAIS in the form of core principles.
International Capital Standard (ICS)
The ICS is the proposed permanent international capital standard that is intended to apply to all IAIGs. The goal is to develop a global capital standard that will allow comparability of insurers’ capital position so that international insurance supervisors can understand and rely on for solvency regulation.