Glossary

Impairment capital refers to the situation in which the surplus account of a stock insurer is threatened by exhaustion and the insurer invades its capital account to meet liabilities.

To implead is to sue, prosecute, or bring an action against.

Implied authority refers to the actions of an agent that may extend beyond the rights and powers explicitly provided in the agency contract.

As a point of law, implied warranty is the understanding that a particular product is safe and suitable for a particular use, which the vendor knows at the time of sale the use for which the product is intended.

Improvements and betterments are permanent additions or changes made to a building by a lessee at their own expense that may not legally be removed.

In-force business refers to the total dollar amount of paid-up and current insurance policies that a life or health insurer carries on its books.

In-house counsel is an attorney employed by the corporation or organization for which legal services are provided.

The inadequate consideration exclusion is found within some directors and officers (D&O) liability policies, especially those written to cover publicly held companies.

Inappropriate workplace conduct is a term used to describe a variety of claim types covered by employment practices liability insurance (EPLI) policies that do not include "standard" perils such as discrimination, harassment, wrongful termination, or retaliation.

The Inchmaree clause is an ocean marine insurance provision adding coverage for damage directly resulting from the bursting of boilers, breakage of shafts, other mechanical failures, latent defects in the ship's equipment or machinery, and faults or errors in the navigation or management of the ship.