Glossary

An inside adjuster is a claims adjuster who performs the claims adjusting function without leaving the office. Inside adjusters are also known as telephone adjusters. They are most frequently used to handle small (i.e., $2,500 or less) first-party claims under personal lines coverages.

Inside directors are members of a corporate board of directors who are also employees of the corporation. Usually, a corporation's CEO, chief operating officer (COO), and chief financial officer (CFO) are members of the corporation's board and are, therefore, considered inside directors because they are also employees. In contrast to inside directors are persons known as "outside directors," who are not employed by the corporation.

An insolvency clause is a clause holding a reinsurer liable for its share of loss assumed under a treaty, even though the primary company has become insolvent. This term also refers to a clause in an umbrella liability policy, stipulating that the umbrella will not drop down in the event the primary liability insurer is unable to pay because of insolvency.

An inspection bureau is an organization that investigates loss exposures for property and liability insurers.

Inspection fees refer to fees for statutory boiler inspections. They are fully earned when paid (not part of property policy premium or routine engineering expenses).

An inspection report is a report, by an insurer or one of a number of inspection services available, assessing the moral, financial, and physical aspects of a risk.

An installation floater is inland marine coverage on property (usually equipment) being installed by a contractor. Essentially, a specialized type of builders risk coverage that is often written on the same form used to provide builders risk coverage.

An installment settlement is a settlement other than a lump sum that involves periodic payments. It is more commonly called a "structured settlement."

Installment tail coverage is the purchase of an extended reporting period (ERP) for a claims-made liability policy in 1-year increments. Since the premium for an ERP is fully earned at inception, this alternative has developed in some markets as a means of eliminating the credit risk that would result if an insured were allowed to purchase the usual 3-year or unlimited tail coverage endorsement by making installment payments.

Insurability refers to the acceptability to the insurer of an applicant for insurance at a given rate.