An indemnity bond is a bond that reimburses a creditor for losses arising from the principal’s default on its obligations. For example, rent guarantees that the tenant will pay rent.
An indemnity agreement is an agreement to pay on behalf of another party under certain circumstances. An insurance policy is a contract to indemnify for losses.
Claims are (1) Claims paid or expected to be paid directly by the insured to cover a first party (eg property) or on behalf of the insured to cover a third party (eg liability) (2). ) Payments made by the indemnification under the indemnity clause on behalf of the indemnifier.
An independent appraiser is a claims adjuster who provides services on a contract basis to insurance companies, self-insurers, and government agencies. Depending on the nature of the claim being processed, billing may be on a time and cost basis, a flat fee per claim, or a flat annual fee for all claims. Independent assessors are used when an insurance company is overwhelmed with claims (often due to a disaster), when a claim originates in a remote location, or when specialized knowledge is required to settle a claim.
An independent agency system is a system of marketing insurance through independent contractors (agents) who sell insurance on a commission or fee basis with one or more insurers. Unlike a direct marketing system, an independent agent retains ownership, use, and control of policy records and expiration data.
An independent contractor is an individual or company that has signed an agreement with another party to perform any work or function on that party’s behalf without the direction or control of that party. When it comes to workers’ compensation, many states have criteria that determine whether a person works as an independent contractor or an employee. A worker who is classified as an independent contractor and not an employee is not eligible for benefits under the other party’s workers’ compensation policy. Despite established rules, the distinction between an independent contractor in many jurisdictions remains a legal ambiguity.
The Independent Directors Policy is directors and officers (D&O) insurance coverage for individuals who serve on several different corporate boards and are not employees of any particular company. Such policies are becoming increasingly rare because few “professional” directors (or directors at all, for that matter) sit on the boards of companies that have not yet purchased D&O coverage.
An Independent Medical Review (IME) is a medical or psychiatric evaluation to determine an employee’s current health condition or to determine if the condition is work related.
An Independent Physician Association (IPA) is a type of health maintenance organization (HMO) in which individual medical practitioners monitor patients who are registered with the HMO but also treat their own patients who are not members of the HMO. Physician compensation is based on either the patient fee or benefit schedule.
An independently filed form is a form or policy of coverage that is submitted for regulatory approval by an individual insurer and not by an insurance advisory organization. As a rule, independently submitted forms are prepared by the insurer submitting them, and they differ from the standard forms in some respects.