A series of financial tests developed by the National Association of Insurance Commissioners (NAIC) under its Insurance Regulatory Information System (IRIS) to assist states in overseeing the financial soundness of insurance companies.
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Iron safe clause (Property Insurance)
A clause stating that the insured must keep records in a safe.
Irrespective of percentage
A term in a Marine policy providing that the insurers will pay claims however small the percentage of loss.
Irrevocable assignment
Permanent legal transfer of an individual’s interest in an insurance policy to another person.
Irrevocable beneficiary
See: beneficiary .
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Beneficiary designation allowing no change to be made in the beneficiary of an insurance policy without the consent of the named beneficiary.
Irrevocable beneficiary (Life Insurance)
A designation of beneficiary that can only be changed with that person’s consent.
Irrevocable Letter of Credit
A letter of credit with a fixed expiration date that carries the irrevocable obligation of the issuing bank to pay the exporter when all of the terms and conditions of the letter of credit have been met.
Irrevocable Trust
A trust that cannot be altered by the person who created the trust.
Irrevocable trust (Legal Terminology)
A trust that cannot be revoked by the individual who established it.
ISAS
Individual Savings Accounts provide tax-free saving. Individuals can invest a total of £7,000 per year. From this figure, £1000 may go into life insurance, £3000 into cash deposits and £3000 into stocks and shares in a maxi-ISA. The other maxi-ISA combines cash and/or life insurance with stocks and shares as long as the entire package is provided by one company. Mini Cash ISAs and Mini Stocks and Shares each have a limit of £3,000. Mini Insurance ISA’s have a £1,000 limit.