NOTE:  All definition are from the Insurance Bureau of Canada


IMPROVEMENTS AND BETTERMENTS - Additions or changes to a rented premises by a tenant at his own expense. Also called Tenant's Improvements.

INCENDIARY - Malicious setting on fire or preparing, providing and setting the means for fire to start.

INCEPTION - The date and time on which coverage under an insurance policy takes effect.

INCIDENT - An event which, under different  circumstances, could have resulted in harm to people, damage to property or  equipment, or loss of process or productivity – for example, almost hitting a  pedestrian with a car, or a slip and fall that does not result in an injury.  Sometimes an incident is referred to as a “near miss.”

INDEMNIFY - To compensate the insured person for a loss, in whole or in  part, by payment, repair, or replacement.

INDEMNITY - A contract, express or implied, to repay in the event of a loss. Insured neither gains nor loses.

INDIRECT OR CONSEQUENTIAL LOSS - Loss resulting from a peril, but not  caused directly or immediately by the peril. For example, loss of property due  to fire is a direct loss, while the loss of rental income as the result of the  fire would be an indirect loss.

IN FORCE - Insurance policy which is in effect, and has not expired or been cancelled.

INHERENT EXPLOSION - An explosion caused by the normal processes of a risk as opposed to one caused by external causes, e.g., a dust explosion in a grain elevator.

INHERENT VICE - The quality that something has to deteriorate or damage itself without outside help, e.g., milk sours; coal combusts spontaneously.

INLAND MARINE INSURANCE - Coverage for movable property in transit, excluding ocean crossing; includes bridges and tunnels, because they are implements of transportation.

INSPECTION - Independent checking of facts about an  applicant or claimant, usually by a commercial inspection agency.

INSPECTOR - An insurance company employee who examines physical risks and reports on them for underwriting purposes. In some companies this is done by the Special Agent or Field Representative.

INSURABLE INTEREST - An interest which the insured must have in the subject matter of the insurance he buys so that if the event insured against occurs, the insured will suffer a pecuniary loss.

INSURANCE - A contract between an insurance company and its customer for  a specific period of time. It protects the customer financially against a loss.  Insurance is also a mechanism for dispersing risk, because it shares the losses  of the few among the many.

INSURANCE POLICY - A written contract of insurance.

INSURED - The entity (individual or otherwise) whose risk of financial loss from an insured peril is protected by the insurance policy.

INSURER - The company providing the insurance coverage.

INSURING CLAUSE - Describes the intent of the policy, just what insurance coverage is provided by the policy and in what limits.

  • We came back from London last Thursday night. Our daughter Anna had settled in London now and very anxious about her new school life. I want to thank you for introducing Fred to us for Anna's insurance. He was super helpful (day and night) that made me feel so easy to get things going as we travel.