Funds that have been created by Insurance Regulator to guarantee the payment of bills of insolvent insurers.
Tag: RAW
Insolvency of other reinsurers clause
Treaty clause that the loss to the reinsurer shall not be increased due to the inability of the reinsured to secure a reinsurance recovery from another reinsurer.
Insolvent
1. Unable to meet debts or discharge liabilities. 2. Bankrupt.
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Where a person’s business’s liabilities exceed their assets.
Insolvent debtor
Insolvent individual, partnership, corporation, or business association involved in a liquidation proceeding.
Insolvent insurer
An insurer who does not have the funds to meet all of the financial obligations it is contracted to meet.
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An insurer which is unable to meet its financial obligations.
Inspection
Examination of a risk to be insured to decide on acceptance, or rejection.
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MEDICAL,USA: Report that describes the evaluation of risk by an insurance company.
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The process of verifying facts about a party in an insurance contract, whether a policyholder, claimant, or new applicant. This process is usually done by a commercial agency.
Inspection bureau (Liability Insurance/Property Insurance)
A group that investigates possible exposures and establishes rates. These groups are created by property and liability insurers.
Inspection Certificate
A document certifying that the subject matter of insurance was in good condition immediately prior to acceptance of insurance.
Inspection classes
Refers to the different types or classes of plant and machinery in connection with which engineering insurers provide an inspection/examination service. Broadly, this means: boiler and pressure plant; lifts, cranes and lifting machinery; and electrical and mechanical plant. See INSPECTION SERVICES; STATUTORY EXAMINATIONS.
Inspection company
Professional independent agency that investigates individuals who apply for insurance.