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Incontestable Clause
A clause which may be used in noncancellable or guaranteed renewable health insurance contracts providing that the insurer may not contest the validity of the contract after it has been in force for two (sometimes three) years.

Incontestable Loss
A clause in a life insurance policy which provides that after the policy has been in force for a specified time, the insurance company cannot avoid its contractual promise.

Benefits paid in a predetermined (for life insurance) amount in the event of a covered loss.

Industrial Life Insurance
Life insurance, usually with a face amount of less than $3,000, under which premiums are payable more frequently than ordinary life insurance (usually weekly) and characterized by collection of premiums and servicing of the policy at the home of the insured by a "debit agent".

Information Technology Services
Any consulting service pertaining to a client's use of computer technologies to operate and manage an entity. This could include the client's use of computers, telecommunication equipment, and other technology.

Inspection Report
Documentation of an application or proposed insured's occupation, residence, health history, manner of living, and general financial status, which is made by an investigating agency and used in underwriting.

Installment Option
The settlement option which provides that the proceeds of a life insurance policy are to be paid at regular intervals for as long as the proceeds last or for a fixed number of months or years.

Installment Refund Annuity
A type of annuity policy which guarantees that, should an annuitant die before receiving payments equal to the amount paid to establish the annuity, the difference will be refunded to the beneficiary in equal installments.

Insurable Interest
A beneficiary has an insurable interest in the life of the person insured if he or she has a reasonable expectation of benefit from the continuance of the insured's life or of suffering a loss if the insured should die.

Insurable Risk
The conditions that make a risk insurable are: (a) the peril insured against must produce a definite loss not under the control of the insured, (b) there must be a large number of homogenous exposures subject to the same perils, (c) the loss must be calculable and the cost of insuring it must be economically feasible, (d) the peril must be unlikely to affect all insureds simultaneously, (e) the loss produced by a risk must be definite and have a potential to be financially serious.

Insuring Clause
The clause which sets forth the type of loss being covered by the policy and the parties to the insurance contract.

A coordination of the disability income insurance benefit with other disability income benefits such as Social Security, through a specific formula to insure reasonable income replacement.

Interest Option
One of the settlement options. Under the interest option, the proceeds of a life insurance policy are held by the company to earn interest and that interest is paid periodically to the beneficiary. The total insurance benefit is not paid out until some unspecified date in the future.

Irrevocable Beneficiary
A beneficiary whose interest cannot be cancelled without his or her consent.

This information should not be construed as legal advice or a legal opinion on any factual situation. This summary is for illustrative purposes and is not a contract. It is intended to provide a general overview, at the time first posted, of the topics described. Only the insurance policy can give actual terms, conditions and exclusions.