Glossary
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Immediate AnnuityAn annuity, wherein payment begins immediately.
Immediate Annuity Where the first payment is released on the first policy anniversary.
Imputed negligence Negligence of a child is imputed to the father, owner of the vehicle.
Incomehas been defined u/s 2 (24). It includes various heads such as salary, periodic payments, profits and gains, dividend, perquisites in the hands of an employee, D.A., CCA etc.
Income from House PropertyHouse property comprises of (a) building (b) land appurtenant thereto (c) owner of the property and used for residence purpose only
Incontestable clause U/s 45 of Ins. Act 38, in a period of 2 years when the policy can be cancelled on grounds of non-disclosure of material facts; after 2 years, it cannot be called into question.
Indemnity Loss is made good.
Index OptionsA type of equity option, and are options on stock market indices.
Index SchemesA type of equity scheme that invests its corpus in a branch of equity stocks such as S & P Nifty Index or sensex
Indirect loss Consequential loss such as loss of profits in business insurance.
Individual InsuranceInsurance that is issued to insure the life or health of a named person or persons, rather than the life or health of the members of a group. Also called ordinary insurance.
Individual Retirement Account In New Pension Scheme, an insured person is allotted IRA for proper accounting and tracking.
Inflation RiskWhen inflation is higher than expected, the borrower gains at the expense of the lender and vice versa.
Initial reserve In life insurance, the revenue at the beginning of any policy year.
Insuring agreement A statement regading the promises to deliver to the insured.
Interest rate riskWhen a firm may earn only 4% on its assets, it has to pay 6% on its debt repayment.
Interest rate swapsExchange of one stream of interest obligations for another.