Glossary

Individual risk premium modification refers to the sum of judgment rating factors (debits or credits) assigned to distinguish the insured's characteristics from the average insured in its class, which are not already recognized in the rating process.

Industrial health insurance refers to a low face limit health insurance policy where the premium is collected by the salesperson directly at the home of the insured on a weekly or monthly basis.

Industrial hygiene control is a theory of accident causation and control that suggests that dangerous physical conditions cause injuries and illnesses at the workplace more than any unsafe employee action.

An industrial insured is a commercial insurance buyer presumed by virtue of its financial size to be able to negotiate insurance contracts with insurers without the protection of insurance regulators.

An industrial insured captive insurance company is any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies.

An industrial insured group is a group of commercial insureds in the same industry or involved in the same risk-taking activity.

The inflation factor is the loading factor providing for future increases in either the cost of losses or the size of exposure bases (e.g., payroll or sales) resulting from inflation.

An inflation guard provision gradually and continuously increases the limit of insurance by a specified percentage over a specified time period (such as 3 percent every 3 months).

Informal retention is an organization's payment of uninsured losses out of cash flow or current assets as normal business expenses.

Information security and privacy liablity coverage is an insuring agreement contained within policies written to cover claims caused by data breaches.