An expression relating to the insurer’s right in many property contracts to replace damaged objects with new or equivalent (in kind) material, rather than to pay a cash benefit.
Tag: RAW
In-orbit insurance
Covers the operational phase of a satellite risk.
In-patient
An individual who has been admitted to a hospital or health care facility as a patient in residence.
In-scheme AVCS
Additional voluntary contributions by a pension scheme member to an insurance company or building society chosen by his pension scheme, or to the scheme itself.