| Immediate Annuity | An annuity, wherein payment begins immediately. |
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| Immediate Annuity | Where the first payment is released on the first policy anniversary. |
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| Imputed negligence | Negligence of a child is imputed to the father, owner of the vehicle. |
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| Income | has 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. |
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| Income from House Property | House property comprises of (a) building (b) land appurtenant thereto (c) owner of the property and used for residence purpose only |
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| 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. |
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| Indemnity | Loss is made good. |
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| Index Options | A type of equity option, and are options on stock market indices. |
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| Index Schemes | A type of equity scheme that invests its corpus in a branch of equity stocks such as S & P Nifty Index or sensex |
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| Indirect loss | Consequential loss such as loss of profits in business insurance. |
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| Individual Insurance | Insurance 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. |
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| Individual Retirement Account | In New Pension Scheme, an insured person is allotted IRA for proper accounting and tracking. |
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| Inflation Risk | When inflation is higher than expected, the borrower gains at the expense of the lender and vice versa. |
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| Initial reserve | In life insurance, the revenue at the beginning of any policy year. |
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| Insuring agreement | A statement regading the promises to deliver to the insured. |
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| Interest rate risk | When a firm may earn only 4% on its assets, it has to pay 6% on its debt repayment. |
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| Interest rate swaps | Exchange of one stream of interest obligations for another. |
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