Call Us 614-224-1329 ☰ ˟
614-224-1329
Logo
  • Home
  • Products
    • Real Estate Investment InsuranceImage of right arrow
      • Vacant Property Insurance in Westerville, OH and Columbus, OH
      • Landlord Insurance in Westerville, OH and Columbus, OH
      • Commercial and Residential Property Insurance in Westerville, OH and Columbus, OH
      • Multiple Dwelling Packaged Insurance Policy in Westerville, OH and Columbus, OH
    • Media InsuranceImage of right arrow
      • DICE/Annual Production Insurance in Westerville OH & Columbus OH
      • Short Term Productions in Westerville OH & Columbus OH
      • Photographers, Videographers, DJ's Insurance in Westerville OH & Columbus OH
      • Recording, Editing, Pre/Post Production Studio Insurance in Westerville OH & Columbus OH
      • Rental House Insurance in Westerville OH & Columbus OH
      • Equipment Floater Insurance in Westerville OH & Columbus OH
    • AutomobileImage of right arrow
      • Auto Liability Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Comprehensive Auto Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Auto Collision Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Uninsured/Underinsured Motorist Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Diminishing/Vanishing Deductible - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Accident Forgiveness - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Minor Violation Forgiveness - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Roadside Assistance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Specialty Auto Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • 24-Hour Customer Service - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Towing Services & Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Rental Reimbursement - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Personal Injury Protection (PIP) - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Mexican Auto Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Medical Payments Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • HomeownersImage of right arrow
      • Flood Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Property Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • High Value Homeowners Insurance in Westerville, OH
      • Homeowners Liability - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Renters Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Condo Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Landlords Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Mobile Home Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Scheduled Property Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • In-Home Business Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • Personal LinesImage of right arrow
      • Personal Umbrella Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Pet Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • LifeImage of right arrow
      • Individual Life Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Group Life Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Mortgage Protection Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Disability Income Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Long-Term Care Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Second-to-Die Policy - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Key Person (Key Men) Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • Recreational VehicleImage of right arrow
      • Boat/Watercraft Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Motorcycle Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Motorhome Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • ATV Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Snowmobile Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • Coverage for Specific IndustriesImage of right arrow
      • Builders Risk Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Condo Association Insurance
      • Specialty Trade Contractors Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Handyman Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Contractors Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Garage Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Accounting Firm Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Catering Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Cleaning Business Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Construction Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Consulting Firm Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Craft Brewery Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Food Truck Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Hotel Insurance in Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Law Firm Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Maintenance Contractors Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Manufacturing Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Liquor Liability Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Box Truck Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Marijuana Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Bar Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Non Profit Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
    • Business & CommercialImage of right arrow
      • Surety & Fidelity Bonds - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Business Catastrophe Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Business Owners Policy (BOP) - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Commercial Auto Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Commercial General Liability - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Commercial Property Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Commercial Real Estate Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Commercial Umbrella Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Crime Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Cyber Liability Insurance in Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Employment Practices Liability Insurance (EPLI) in Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Equipment Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Errors and Omissions Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Loss Control Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Inland Marine Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Marine Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Mechanical Breakdown Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Office Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Product Liability Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Professional Liability Coverage - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Small Business Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Small Business Liability Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Storage Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Technology Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
      • Trailer Insurance - Westerville OH & Columbus OH - T.A. Swain Insurance Group LLC
  • Get a Quote
    • AutomobileImage of right arrow
      • Automobile Insurance Home
      • Auto Insurance Quote
      • Request ID Card for Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Auto Accident Claim
    • HomeownersImage of right arrow
      • Homeowners Insurance Home
      • Homeowners Insurance Quote
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Property Loss Claim Form
      • Request Evidence of Insurance
    • RentersImage of right arrow
      • Renters Insurance Home
      • Renters Insurance Quote
      • Request Declaration and Coverages Page for Existing Renters Insurance Coverage
      • Renters Property Loss Claim Form
    • Media Insurance
    • Business & CommercialImage of right arrow
      • Business & Commercial Insurance Home
      • Request ID Card for Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Vehicle from Existing Commercial Auto Policy
      • Add Driver to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • General Liability Quote Form
      • Request General Liability Certificate of Insurance
      • Commercial Auto Accident Claim
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Workers Compensation Quote
    • Real Estate InsuranceImage of right arrow
      • Real Estate Insurance Insurance Home
      • Real Estate Investment Insurance
    • LifeImage of right arrow
      • Life Insurance Quote
  • Customer Service
    • Auto Insurance Customer Service FormsImage of right arrow
      • Add Driver to Existing Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Request ID Card for Auto Policy
    • Business & Commercial Insurance Customer Service FormsImage of right arrow
      • Add Driver to Existing Commercial Auto Policy
      • Add Vehicle to Existing Commercial Auto Policy
      • Remove Driver from Existing Commercial Auto Policy
      • Remove Vehicle from Existing Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
      • Request ID Card for Commercial Auto Policy
      • Multiple Dwelling Packaged Policy Change Request
    • Homeowners Insurance Customer Service FormsImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Renters Insurance Customer Service FormsImage of right arrow
      • Request Declaration and Coverages Page for Existing Renters Insurance Coverage
  • Make a Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • Location Map
    • Privacy Policy
    • Blog
  • Contact
    • Contact Us
    • Join our Newsletter
Home > Glossary > I

Insurance Glossary

Insurance terms and definitions from T.A. Swain Insurance Group.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact T.A. Swain Insurance Group today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
IDENTITY THEFT INSURANCE
Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law-enforcement personnel or credit agencies, fees for reapplying for loans and attorney's fees to defend against lawsuits and remove criminal or civil judgments.

IMMEDIATE ANNUITY
A product purchased with a lump sum, usually at the time retirement begins or afterwards. Payments begin within about a year. Immediate annuities can be either fixed or variable.

INCURRED BUT NOT REPORTED LOSSES / IBNR
Losses that are not filed with the insurer or reinsurer until years after the policy is sold. Some liability claims may be filed long after the event that caused the injury to occur. Asbestos-related diseases, for example, do not show up until decades after the exposure. IBNR also refers to estimates made about claims already reported but where the full extent of the injury is not yet known, such as a workers compensation claim where the degree to which work-related injuries prevents a worker from earning what he or she earned before the injury unfolds over time. Insurance companies regularly adjust reserves for such losses as new information becomes available.

INCURRED LOSSES
Losses occurring within a fixed period, whether or not adjusted or paid during the same period.

INDEMNIFY
Provide financial compensation for losses.

INDEPENDENT AGENT
Agent who is self-employed, is paid on commission, and represents several insurance companies.

INDIVIDUAL RETIREMENT ACCOUNT/IRA
A tax-deductible savings plan for those who are self-employed, or those whose earnings are below a certain level or whose employers do not offer retirement plans. Others may make limited contributions on a tax-deferred basis. The Roth IRA, a special kind of retirement account created in 1997, may offer greater tax benefits to certain individuals.

INFLATION GUARD CLAUSE
A provision added to a homeowners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs.

INLAND MARINE INSURANCE
This broad type of coverage was developed for shipments that do not involve ocean transport. Covers articles in transit by all forms of land and air transportation as well as bridges, tunnels and other means of transportation and communication. Floaters that cover expensive personal items such as fine art and jewelry are included in this category.

INSOLVENCY
Insurer’s inability to pay debts. Insurance insolvency standards and the regulatory actions taken vary from state to state. When regulators deem an insurance company is in danger of becoming insolvent, they can take one of three actions: place a company in conservatorship or rehabilitation if the company can be saved or liquidation if salvage is deemed impossible. The difference between the first two options is one of degree – regulators guide companies in conservatorship but direct those in rehabilitation. Typically the first sign of problems is inability to pass the financial tests regulators administer as a routine procedure.

INSTITUTIONAL INVESTOR
An organization such as a bank or insurance company that buys and sells large quantities of securities

INSURABLE RISK
Risks for which it is relatively easy to get insurance and that meet certain criteria. These include being definable, accidental in nature, and part of a group of similar risks large enough to make losses predictable. The insurance company also must be able to come up with a reasonable price for the insurance.

INSURANCE
A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.

INSURANCE POOL
A group of insurance companies that pool assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to cover risks that can’t obtain coverage in the voluntary market such as coastal properties subject to hurricanes.

INSURANCE REGULATORY INFORMATION SYSTEM / IRIS
Uses financial ratios to measure insurers’ financial strength. Developed by the National Association of Insurance Commissioners. Each individual state insurance department chooses how to use IRIS.

INSURANCE SCORE
Insurance scores are confidential rankings based on credit information. This includes whether the consumer has made timely payments on loans, the number of open credit card accounts and whether a bankruptcy filing has been made. An insurance score is a measure of how well consumers manage their financial affairs, not of their financial assets. It does not include information about income or race.

Studies (1) have shown that people who manage their money well tend also to manage their most important asset, their home, well. And people who manage their money responsibly also tend to handle driving a car responsibly. Some insurance companies use insurance scores as an insurance underwriting and rating tool.

Related Study - The Relationship of Credit-Based Insurance Scores to Private Passenger Automobile Insurance Loss Propensity, by EPIC Actuaries, LLC, June 2003

INSURANCE-TO-VALUE
Insurance written in an amount approximating the value of the insured property.

INTEGRATED BENEFITS
Coverage where the distinction between job-related and non-occupational illnesses or injuries is eliminated and workers compensation and general health coverage are combined. Legal obstacles exist, however, because the two coverages are administered separately. Previously called twenty-four hour coverage.

INTERMEDIATION
The process of bringing savers, investors and borrowers together so that savers and investors can obtain a return on their money and borrowers can use the money to finance their purchases or projects through loans.

INTERNET INSURER
An insurer that sells exclusively via the Internet.

INTERNET LIABILITY INSURANCE
Coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infringement, defamation, and violation of privacy.

INVESTMENT INCOME
Income generated by the investment of assets. Insurers have two sources of income, underwriting (premiums less claims and expenses) and investment income. The latter can offset underwriting operations, which are frequently unprofitable.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Logo
Quick Links
Home Our Products Customer Service Payment Options Report a Claim
About Us Refer A Friend Our Carriers Blog Contact Us
Location
260 S State Street, Ste 906
Westerville, OH 43086
PO Box: 906

Phone: 614-224-1329
Fax: 614-224-1458
Social Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder