Glossary

In camera proceedings constitute a private hearing with the judge outside of the presence of spectators and the jury.

An in rem endorsement is a workers compensation coverage endorsement extending coverage for suits filed against the value of the ship by an injured crew member seeking for the recovery of damages.

An irrevocable beneficiary is a beneficiary to a life insurance policy that cannot be changed without their consent.

An irrevocable letter of credit (ILOC) or standby letter of credit is a contractual agreement between a financial institution (a bank) and the party to which the letter is issued.

Issued business refers to life insurance contracts that have been paid for and written by the insurer but are not yet delivered to or accepted by the insured.

Investment insurance, also known as asset protection insurance, is a major category of political risk insurance. In contrast to trade insurance, which covers risks to fulfillment of short-term transactions, investment insurance covers longer term and more open-ended exposures to major investments. For that reason, investment insurance is often written for long policy terms, up to as much as 20 years.