I
IAC - independent agency captive (an owned company formed to benefit the insurer, agent, or broker that owns the company - in contrast to an insurance captive, which is designed and formed to provide insurance for its owners)
IAC - Industrial Accident Commission ()
IAHU - International Association of Health Underwriters ()
IAIABC - International Association of Industrial Accident Boards and Commissions ()
IAIS - International Association of Insurance Supervisors ()
IAOC - Insurers' Advisory Organization of Canada ()
IASA - Insurance Accounting Statistical Association (non-profit organization of insurance companies and businesses focusing on industry education and information related to insurance accounting and business issues - became the Insurance Accounting and Systems Association)
IASA - Insurance Accounting and Systems Association (non-profit organization of insurance companies, insurance businesses, regulators, banks, and brokerage firms focusing on accounting, finance, operations, and technology, with the goal of education and exchange of ideas through conferences, publications, and seminars - originally the Insurance Accounting Statistical Association)
IASA - International Aviation Safety Assessment program (program sponsored by the Federal Aviation Administration (FAA) to assist countries in meeting the United Nations International Civil Aviation Organization (ICAO) safety standards)
IASS - Insurance Accounting and Statistical Society ()
IBAC - Insurance Brokers Association of Canada ()
IBANS - Insurance Brokers Association of Nova Scotia ()
IBC - Insurance Bureau of Canada ()
IBNE - incurred but not enough (shortage of an insurance loss reserve account because, while a loss was recorded, it was not enough to allow for an increase to an existing reserve because there was "not enough reported" - also called "reserved but not enough" (RBNE) )
IBNER - incurred but not enough reserved (shortage of an insurance loss reserve account because, while a loss was recorded, it was not enough to allow for an increase to an existing reserve because there was "not enough reported" - also called "incurred but not enough" (IBNE) or "reserved but not enough" (RBNE) )
IBNR - incurred but not reported losses (insured losses that have occurred during a stated period, usually a calendar year, but have not yet been reported to a primary insurance company)
ICA - Insurance Consortium of America
ICA - International Claim Association ()
ICAC - Insurance Committee for Arson Control ()
ICC - increased cost of compliance ()
ICC - institute cargo clauses ()
ICC - Interstate Commerce Commission (former federal agency created by the Interstate Commerce Act of 1887 to insure that the public received fair and reasonable rates from firms involved in interstate commerce - the ICC was abolished in 1996 by the ICC Termination Act of 1995 and many of its functions were transferred to the Surface Transportation Board (STB), also known as the National Surface Transportation Board (NSTB))
ICC Termination Act- Interstate Commerce Commission Termination Act of 1995 (federal legislation that abolished the Interstate Commerce Commission in 1996, discontinued some of its functions, and transferred its remaining functions to other government agencies - established the Surface Transportation Board (STB), also known as the National Surface Transportation Board (NSTB), within the Department of Transportation (DOT) - later would become an independent agency)
ICEDS - Insurance Company Education Directors Society (an organization of insurance company educators whose primary purposes are to promote insurance education and exchange information on the subject)
ICIA - International Credit Insurance Association ()
ICISA - International Credit Insurance and Surety Association ()
ICJ - Institute for Civil Justice ()
ICP - Insurance Conference Planners ()
ICPA - Insurance Conference Planners Association ()
ICPI - Insurance Crime Prevention Institute ()
ICSID - International Center for the Settlement of Investment Disputes ()
IDBI - Industrial Development Bond Insurance ()
IDI - inherent defects insurance (first-party property insurance that covers physical damage or imminent collapse of newly constructed property caused by faulty design, engineering, workmanship, or materials in load-bearing structures, such as foundations, columns, walls, floors, beams, roofs, and land improvements)
IDL - independent director liability insurance (directors and officers (D&O) coverage designed for individuals who serve on a number of different corporate boards and are not employees of any individual company - such policies are becoming increasingly rare since most companies cover such liability with D&O policies)
IDLH - immediately dangerous to life and health (the maximum level of a toxic chemical substance to which a healthy individual can be exposed to for 30 minutes and escape without suffering irreversible health effects or impairing symptoms)
IDM - integrated disability management (term used in the adjustment (settlement) area for individuals or agencies adjusting claims for both occupational (workers compensation) and nonoccupational (employee benefits-related) accidents and absence)
IDMA - Insurance Data Management Association
IEA - Insurance Educational Association
IFBC - Independent Financial Brokers of Canada
IFC - insured fixed-price cleanup (model of environmental cleanup where the contractor guarantees a fixed price to cover all environmental regulator costs, regardless of whether those costs increase due to unknown pollutants, regulatory changes, or other causes)
IFEBP - International Foundation of Employee Benefit Plans
IFSC - International Financial Services Centre ()
IFSRA - Irish Financial Services Regulatory Authority ()
IFTA - International Fuel Tax Agreement (a plan involving a majority of the 48 contiguous states in the U.S., most of which require interstate motor carriers to report how much fuel they use within the borders of their state for taxing purposes - under IFTA, such carriers may report fuel used in all such states to one base state)
IGF - insurance guaranteed financing ()
IH - industrial hygiene (field or study of conditions in the workplace involving, or contributing to, accidents and disease, methods to reduce exposure to hazards, including the use of alternative non-hazardous ingredients in materials, and ways to improve working conditions for workers)
IH - industrial hygiene control (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 - solutions involve reducing worker contact with harmful material, reducing the use of dangerous chemicals or materials, and controlling dust)
IHOU - Institute of Home Office Underwriters ()
IIA - Insurance Institute of America, Inc. (organization that develops and publishes educational material and administers national examinations in topics such as insurance, management, and risk management)
IIAA - Independent Insurance Agents of America (association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics)
IIABA - Independent Insurance Agents and Brokers of America, Inc. ()
IIAC - International Insurance Advisory Council ()
IIAT - Independent Insurance Agents of Texas ()
IIC - Independent Insurance Conference ()
IIC - Insurance Institute of Canada ()
IICAE - Insurance Industry Consumer Affairs Exchange ()
IIE - Illinois Insurance Exchange ()
IIHS - Insurance Institute for Highway Safety (a nonprofit research and communications organization funded by automobile insurers - the IIHS focuses on the factors that do and do not work in preventing motor vehicle crashes in the first place and on reducing injuries in the crashes that still occur)
III - Insurance Information Institute (an agency of the property and liability insurance industry created to deal with public relations programs of various segments of the business - the III provides educational, fact-finding, and communications services, in addition to public relations support)
IILA - International Institute of Loss Adjusters
IIMA - Insurance Industry Meetings Association
IIS - International Insurance Seminars, Inc. (an institution established to promote worldwide exchanges of ideas and techniques between insurance professionals - a major focus is its annual meeting(s) of insurance practitioners and academicians from throughout the world with an interest in the exchange of ideas concerning the theory and applications of insurance)
IJA - Interjurisdictional Agreement on Workers Compensation (a special agreement between the Canadian provincial workers compensation funds that allows many employers to report earnings and pay premiums in the province in which they are domiciled for work being performed by their workers in another province, as long as that province does not require assessment there)
IL - interline forms ()
ILAB - Insurance Library Association of Boston ()
ILCA - Insurance Loss Control Association ()
ILF - increased limits factor (multiplicative factor that is applied to rates or premiums for "basic" limits of coverage to determine premiums for higher limits of coverage)
ILIT - irrevocable life insurance trust (estate planning device in which life insurance policies are placed in trust irrevocably, and later distributions when made, avoid estate taxes)
ILOC - irrevocable letter of credit (standby letter of credit) (a contractual agreement between a financial institution (a bank) and the party to which the letter is issued, which requires the bank to pay against drafts meeting the terms of the letter of credit)
ILU - Institute of London Underwriters ()
IM - inland marine insurance (a branch of insurance that covers a number of areas, although it had begun as coverage for cargo shipments that did not involve ocean voyages - now has expanded to cover additional properties, such as bridges and tunnels, as well as small items, such as jewelry and furs)
IM - inland marine insurance forms (a group of property insurance coverages designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form - includes coverage for property in transit over land, certain moveable property, property under construction, bridges, roads, piers, and communication towers)
IMCA - Insurance Marketing Communications Association ()
IME - independent medical examination (in the workers compensation area, a medical or psychiatric evaluation to determine the current status of an employee's medical condition or to determine whether the condition is related to employment)
IMF - International Monetary Fund (organization set up in 1944, which focuses on lowering trade barriers and stabilizing currencies - helps developing nations pay off their debts, but also imposes guidelines aimed at lowering inflation, cutting imports, and raising exports)
IMR - interest maintenance reserve (liability reserve establishment required by the National Association of Insurance Commissioners (NAIC), the purpose of which is to accumulate realized capital gains and losses resulting from fluctuations in the interest rate)
IMSA - Insurance Marketplace Standards Association (voluntary market conduct compliance organization of member companies, whose purpose is to protect the public interest and to enhance the insurance buyer's perception of the life insurance instrument - the association places an emphasis on self-regulation and ethical market conduct)
IMUA - Inland Marine Underwriters Association ()
IPA - Independent Practice Association (type of Health Maintenance Organization (HMO) that issues contracts to independent physicians - individual physicians see patients enrolled in the HMO, but also treat their own patients, who are not HMO participants)
IPA - Independent Practice Association model HMO (a situation in which an individual practice association is contracted with to provide health care services - the individual practice association contracts with individual physicians or groups of physicians for their services)
IPAC - Insurance Public Affairs Council ()
IPD - integrated project delivery (in construction, a cooperative business relationship where the project owner, the design team, and the primary contractor (and possibly key subcontractors) collaborate for the design and construction of a project - a sharing of project risk/reward is a key feature of IPD)
IPFA - Insurance Premium Finance Association ()
IPG - Immediate Participation Guarantee Plan (type of group deposit administration annuity under which an employer participates in the investment plan on an immediate basis and, on the employee's retirement, an immediate annuity is purchased for the employee)
IPO - Initial Public Offering (corporation's first offering of stock to the public)
IPT - insurance premium tax (a tax, imposed by each state, on the gross premium written by insurers allocable to risks located in that state)
IR - incident recall ()
IRA - Individual Retirement Account (or arrangement) (traditional fund under the Tax Reform Act of 1986 which allowed an indivdual to contribute an annual amount ($2,000 in 1986 and increased by later legislation) - withdrawals, based on age, can be fully taxable if the initial contribution generated a deduction or tax-free if were not deductable at the time contributed)
IRC - Insurance Research Council ()
IRC - Internal Revenue Code (blanket term for the complexity of statutes, codes and regulations, comprising U.S. federal tax law)
IRD - income in respect of a decedent (classification, at the time of death, of income payments the deceased was entitled to receive (from pension plans, profit-sharing plans, Individual Retirement Accounts (IRAs), annuities, and installment payments), which were not included in the deceased's taxable income in the year of death)
IRES - Insurance Regulatory Examiners Society (an organization made up of the state regulatory examiners who conduct financial and market conduct examinations of insurance companies, and whose purpose is to develop educational programs and to foster cooperation and support between state examiners)
IRI - Industrial Risk Insurers (a consortium of major stock property and casualty insurers formed to write large, highly protected risks, formed in 1975 by the merger of the Factory Insurance Association and the Oil Insurance Association)
IRIS - Insurance Regulatory Information System (financial analysis method established by the National Association of Insurance Commissioners (NAIC) designed to detect problems at property and casualty insurance companies and life and health insurance companies using various audit ratios (11 numerical ratio tests))
IRM - improved risk mutuals ()
IRMC - Institute for Risk Management Consultants ()
IRMI - International Risk Management Institute, Inc. ()
IRP - International Registration Plan (an agreement that provides for the apportioned registration of commercial motor vehicles based on the total miles traveled in each jurisdiction - participation was mandated by the federal government under the Intermodal Surface Transportation Efficiency Act (ISTEA) of 1991)
IRPM - individual risk premium modification (a judgment rating factor applied to a premium to develop a modified premium - would take into account such things as a safety program, financial condition, prevention measures taken, and overall management attributes)
IRR - internal rate of return (method used to determine the interest rate or discount rate of an investment - discount rate at which the present value of the future cash flows of an investment equals the cost of the investment)
IRS - Internal Revenue Service (division of the U.S. Treasury Department charged with collecting nearly all federal taxes, including personal and corporate income taxes, social security taxes, and excise and gift taxes)
IRUA - Intermediaries & Reinsurance Underwriters Association ()
ISCEBS - International Society of Certified Employee Benefits Specialists ()
ISO - Incentive Stock Option Plan (a type of stock plan where executives are granted options to purchase company stock without incurring a tax liability at the time the option is granted or subsequently exercised)
ISO - Insurance Services Office, Inc. (organization of the property and liability insurance business established to provide services for its members - collects statistical data, calculates rates and develops insurance policy forms, and files information with state regulators for its property and casualty member companies)
ISO - International Organization for Standardization (nongovernmental organization which develops and publishes standards for business and industry)
ISP - Internet Service Provider (company that provides access to the Internet through electronic communications)
ISTEA - Intermodal Surface Transportation Act of 1991 (federal legislation which required states to join the International Registration Plan (IRP) in order to access vehicle registration fees collected by other states)
ITA - Interjurisdictional Trucking Agreement (a special agreement between the Canadian provincial workers compensation funds that provides trucking companies with an optional assessment program that simplifies the reporting of payrolls in the various jursidictions)
ITC - investment tax credit (reduction in income tax liability granted by the federal government, at various times, to firms making new investments in certain asset categories, primarily equipment)
ITCIF - International Trade Credit Insurance Facility ()
ITES - information technology enabled services ()
ITI - Insurance Testing Institute ()
ITIL - Information Technology Infrastructure Library (best practices standard for information technology (IT) services management developed in the 1980s by the UK's Central Computer and Telecommunications Agency)
IUA - International Underwriting Association of London (representative body for companies in London providing international and wholesale insurance and reinsurance coverage)
IVANS - Insurance Value Added Network Services (term describing services provided in conjunction with the sale of insurance that go beyond the mere provision of insurance - providing public relations services, or other contracted services, to insureds in the event are needed)
IWH - Institute for Work & Health ()