Glossary of Insurance Terms

Immediate Family

The person's spouse, children, parents, siblings, grandchildren or in-laws

Incurred Services

Received services from providers

Indemnity

Compensation to the claimant for disability or illness suffered-security against loss.

Independent Agent

A business person that represents two or more insurance companies in sales and service and who is paid on a commission basis

Independent Caregiver

A person who provides home health care services or hospice care who:
1. Is licensed to provide the care they are giving and are working independently from a home health care agency. They must be licensed in the state they are working in.
2. Is chosen by You and has been qualified under the Independent Caregiver Certification Benefit
3. Is not a member of your immediate family living with you

Informal Caregiver

Usually a spouse or relative, an informal caregiver is an unpaid individual who takes on the responsibility of providing care for the individual in question.

Inflation Rate

The rate, which the cost of long-term care is expected to increase in the future. Generally this rate is 1-2% higher than the overall U.S inflation rate.

Inflation Protection with the Automatic Increase

A rider that helps you to keep up with the potential cost of your care due to inflation. The rider increases your maximum daily benefit either on a simple or compound basis, depending on the rider you choose.

Instrumental Activities of Daily Living (IADLs)

Determines the physical and mental impairment while performing activities such as shopping, telephone use, housekeeping, laundry, taking medications, and managing finances

Insurance

A system of exchange under contract where payments over a period of time (premiums) entitle individuals compensation by an organization (insurance company) in the event of loss due to pre-specified conditions.

Insurance Commissioner

The top insurance regulation official in the state

Insurance Policy

A legal contract issued by the insurance company to secure coverage for claimant

Insurance Premium

The pre-specified amount an individual pays to guarantee coverage for a policy

Insured

A person covered under an insurance policy, including any persons named as receiving protection under the policy

Insurer

The insurance company that agrees to pay losses of benefits. Also, the insurer can be any company whose primary business is selling insurance to the public

Insuring Agreement

The part of the insurance policy that specifies the promises of the insurer

Insuring Clause

A statement that specifies the type of loss covered by the policy and the parties involved in the insurance contract

Intermediate Nursing Care

This care is provided to those who do not need care on a 24-hour basis. A skilled care person on a non-continuous basis provides the nursing care.