A person hired to work for a contracted time. The independent contractor is not considered an employee.
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One who undertakes to perform certain results for another by his own method and in his own manner, being responsible only for results and not being subject to the directions of the other party with respect to details of work.
Tag: RAW
independent contractor (IC)
Individual who agrees to work under a negotiated contract (written or verbal) but is not under the control or an employee of the person or company with which the contract is made.
independent diagnotic testing facility (IDTF)
Medicare provider or supplier that furnishes diagnostic tests such as a physician, group of physicians, or laboratory. Also called testing facility .
Independent financial adviser (IFA)
Adviser able to offer a full range of products from financial services companies or from a selected panel on grounds of merit. IFAs may work on their own account or for firms. Key principles they must follow include: ‘know their client’ by means of a fact find to form a comprehensive view of the client’s needs in order to offer ‘best advice’. IFAs can be remunerated by commission and/or fees. He must give full details at the outset of fees and, under the FSA’s disclosure rules, full details of any commission they will receive on recommended transactions. Regulated by the FSA, they must contribute to an industry wide compensation scheme.
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an intermediary who provides potential investors and policy holders with advice on a range of products from different companies (contrast tied agent).
Independent Insurance Agents of America (IIAA)
An association of insurance agents who are independent contractors and represent one or more insurers. Sometimes referred to as the Big I.
Independent Insurer
Insurer who does not rely on a rating bureau or other advisory service in establishing premium rates or the wording of its Insurance contract but, rather, itself performs these and other functions.
Independent laboratory
Freestanding clinical laboratory that meets conditions for participation in the Medicare program and bills through a carrier. It is not connected with a hospital, clinic, or physician’s office. It is certified to perform diagnostic and/or clinical tests independent of an institution or a physician’s office.
Independent Liability
The liability of an Insurer for losses assuming that he was the only Insurer covering such losses.
Independent life broker
Licensed insurance broker who operates independently and sells certain types of insurance products or handles estate planning.
Independent living facility
Living quarters composed of rental units in which services are not included as part of the rent. However, services may be available at the site and purchased by the residents for additional fees.