Jargon Explained

    1. A
    2. B
    3. C
    4. D
    5. E
    6. F
    7. G
    8. H
    9. I
    10. J
    11. K
    12. L
    13. M
    14. N
    15. O
    16. P
    17. Q
    18. R
    19. S
    20. T
    21. U
    22. V
    23. W
    24. X
    25. Y
    26. Z

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    Associate of the Chartered Insurance Institute (ACII)

    Definition

    A professional insurance qualification awarded by the Chartered Insurance Institute.

    An Associate of the Chartered Insurance Institute has successfully completed the Advanced Diploma in Insurance, previously known as the Associateship. 

    Explanation

    Used when talking about professional qualifications in the insurance industry.

    Associate of the Chartered Insurance Institute is a widely recognised qualification in the UK insurance industry.

    The Advanced Diploma in Insurance is the second highest of four available levels of qualifications offered by the Institute. It was previously called the Associateship. 

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    Inception date

    Definition

    The date an insurance policy starts to provide insurance.

    Explanation

    Used when talking about insurance policy terms.

    The inception date is sometimes also called the cover start date.

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    Increase in cost of working (ICOW)

    Definition

    Insurance cover for the additional costs an insured may face to keep working following an insured event.

    Explanation

    Used when considering Business Interruption insurance cover.

    Increase in Cost of Working cover is either available as a separate cover or commonly included as one of the covers in Business Interruption insurance.

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    Incurred Claims or Losses

    Definition

    The number of claims arising in a period irrespective of whether they have been paid or are outstanding.

    Explanation

    Used when talking about insurance claims.

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    Index linked / Indexation

    Definition

    Where the sum insured is automatically adjusted in line with the general rises in cost.

    Explanation

    Used when talking about insurance policies.

    A policyholder might choose an index linked sum insured to make sure that they have some protection built into the policy to protect against the effects of inflation.

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    In-patient (IP)

    Definition

    Defined by the Association of British Insurers (ABI) as a patient who is admitted to hospital and who occupies a bed overnight or longer, for medical reasons.

    Explanation

    Used when talking about patients and medical treatment.

    Also see day-patient and out-patient.

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    Insurance Foundation Certificate

    Definition

    A foundation level professional insurance qualification awarded by the Chartered Insurance Institute (CII). The Foundation Insurance Test covers six foundation level topics in insurance and is the first step in the professional qualifications offered by the CII.

    Explanation

    Used when talking about professional qualifications in the insurance industry.

    A certificate issued by the Chartered Insurance Institute (CII) to indicate that the holder has passed examinations based on the principles and practice of insurance. It is a stepping stone to the Certificate of Insurance Practice and was previously called the Certificate of Proficiency.

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    Insurance Premium Tax (IPT)

    Definition

    A tax payable on general insurance premiums.

    Explanation

    Used when talking about tax on insurance.

    Insurance premium tax is levied on general insurance premiums by the Government.

    Insurers are liable to pay the tax and they can then decide whether to charge the tax on to their customers through their premiums.

    All documents showing premiums, such as quotations, must show the amount of insurance premium tax that's being charged to the customer.

    Not all UK residents pay this tax for example people who reside in the Channel Islands or Isle of Man.

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    Insured

    Definition

    The person whose risks are insured or in whose favour an insurance policy is issued.

    Explanation

    Used when talking about insurance.

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    Insurer

    Definition

    An insurance company or Lloyd's underwriter which, in return for a premium, agrees to make good, in a manner laid down in the policy, any loss or damage suffered by the policyholder as a result of an accident or peril covered by the policy.

    Explanation

    Used when talking about insurance.

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    Interim relief

    Definition

    Payments that an employee can claim from their employer while the employee is waiting to go to a tribunal or court for unfair dismissal. The employee may be able to claim for interim relief if they can prove that they will suffer undue hardship without it.

    Explanation

    Used when talking about Legal Expenses insurance.

    Interim relief is payment from the employer to the employee that effectively replaces the employee's salary while they are waiting for their unfair dismissal case to be decided.

    The employee will usually have to satisfy the court or tribunal that they will suffer undue hardship without the relief, and that they have a reasonable chance of winning their case.

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    Intermediary

    Definition

    A person or organisation who arranges insurance policies for the end customer with insurance companies. This service may include offering advice.

    Explanation

    Used when talking about how insurance is bought and sold.

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