Tangible property which cannot be used or has become less useful because it incorporates the insured’s product or work which is defective of inadequate, or because the insured has failed to fulfill a contractual obligation.
***
A liability exclusion relating to the insured’s faulty products or work that results in an impairment to the property to which it is attached assuming the insured can salvage the situation by replacing the property or redoing the work.
Tag: RAW
Impaired property (Liability Insurance)
A piece of property that includes the insured’s defective or subpar work, and because of this, can no longer be used or is less useful. This property may also be less useful because the insured did not complete a contractual obligation.
Impaired risk
See: modified risk .
***
A substandard risk which is accepted on the payment of extra premium.
Impaired risk (Health Insurance/ Life Insurance)
A risk or prospective insured in less-desirable conditions; for example, a health insurance applicant who has had several heart attacks.
Impairment
1. Any condition of the insured’s health, job, activities, or lifestyle that could increase his or her expected mortality or morbidity. 2. In workers’ compensation when an injured worker cannot perform all job activities that he or she could do before suffering an injury but may perform some job duties. If the impairment substantially limits a major life activity, then a worker may qualify as disabled under the Americans with Disabilities Act.
Impairment of capital
A situation wherein the surplus fund of a stock insurer has been depleted to the point where the insurer has to invade the accounts made up of stockholder contributions to pay their liabilities. This is permitted in some locations and not permitted in others.
Impairment rider
Health insurance policy provision that limits or denies coverage for a specific physical impairment. Also called exclusion rider or impairment waiver .
Impairment waiver
See: impairment rider .
Impeach
Evidence which tends to detract from the credibility of the witness.
implementation guide (IG)
Document explaining the proper use of a standard for a specific business purpose. The X12N Health Insurance Portability and Accountability Act (HIPAA) IGs are the primary reference documents used by those implementing the associated transactions and are incorporated into the HIPAA regulations by reference.