Louisville - 330.875.7156    |    Canton - 330.493.9400   |     Toll Free - 800.782.1212
Home Customer ServiceContact Us

Request a QuoteMake a PaymentReport A Claim
Get a Quote
Interested In
Zip Code
Quick Links Auto Insurance Home Insurance Life Insurance Business Insurance

Insurance Glossary

Insurance terms and definitions from Rocci Insurance Agency Inc.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Rocci Insurance Agency Inc. today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
IDENTITY THEFT INSURANCE
Coverage for expenses incurred as the result of an identity theft. Can include costs for notarizing fraud affidavits and certified mail, lost income from time taken off from work to meet with law-enforcement personnel or credit agencies, fees for reapplying for loans and attorney's fees to defend against lawsuits and remove criminal or civil judgments.

IMMEDIATE ANNUITY
A product purchased with a lump sum, usually at the time retirement begins or afterwards. Payments begin within about a year. Immediate annuities can be either fixed or variable.

INCURRED BUT NOT REPORTED LOSSES / IBNR
Losses that are not filed with the insurer or reinsurer until years after the policy is sold. Some liability claims may be filed long after the event that caused the injury to occur. Asbestos-related diseases, for example, do not show up until decades after the exposure. IBNR also refers to estimates made about claims already reported but where the full extent of the injury is not yet known, such as a workers compensation claim where the degree to which work-related injuries prevents a worker from earning what he or she earned before the injury unfolds over time. Insurance companies regularly adjust reserves for such losses as new information becomes available.

INCURRED LOSSES
Losses occurring within a fixed period, whether or not adjusted or paid during the same period.

INDEMNIFY
Provide financial compensation for losses.

INDEPENDENT AGENT
Agent who is self-employed, is paid on commission, and represents several insurance companies.

INDIVIDUAL RETIREMENT ACCOUNT/IRA
A tax-deductible savings plan for those who are self-employed, or those whose earnings are below a certain level or whose employers do not offer retirement plans. Others may make limited contributions on a tax-deferred basis. The Roth IRA, a special kind of retirement account created in 1997, may offer greater tax benefits to certain individuals.

INFLATION GUARD CLAUSE
A provision added to a homeowners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs.

INLAND MARINE INSURANCE
This broad type of coverage was developed for shipments that do not involve ocean transport. Covers articles in transit by all forms of land and air transportation as well as bridges, tunnels and other means of transportation and communication. Floaters that cover expensive personal items such as fine art and jewelry are included in this category.

INSOLVENCY
Insurer’s inability to pay debts. Insurance insolvency standards and the regulatory actions taken vary from state to state. When regulators deem an insurance company is in danger of becoming insolvent, they can take one of three actions: place a company in conservatorship or rehabilitation if the company can be saved or liquidation if salvage is deemed impossible. The difference between the first two options is one of degree – regulators guide companies in conservatorship but direct those in rehabilitation. Typically the first sign of problems is inability to pass the financial tests regulators administer as a routine procedure.

INSTITUTIONAL INVESTOR
An organization such as a bank or insurance company that buys and sells large quantities of securities

INSURABLE RISK
Risks for which it is relatively easy to get insurance and that meet certain criteria. These include being definable, accidental in nature, and part of a group of similar risks large enough to make losses predictable. The insurance company also must be able to come up with a reasonable price for the insurance.

INSURANCE
A system to make large financial losses more affordable by pooling the risks of many individuals and business entities and transferring them to an insurance company or other large group in return for a premium.

INSURANCE POOL
A group of insurance companies that pool assets, enabling them to provide an amount of insurance substantially more than can be provided by individual companies to ensure large risks such as nuclear power stations. Pools may be formed voluntarily or mandated by the state to cover risks that can’t obtain coverage in the voluntary market such as coastal properties subject to hurricanes.

INSURANCE REGULATORY INFORMATION SYSTEM / IRIS
Uses financial ratios to measure insurers’ financial strength. Developed by the National Association of Insurance Commissioners. Each individual state insurance department chooses how to use IRIS.

INSURANCE SCORE
Insurance scores are confidential rankings based on credit information. This includes whether the consumer has made timely payments on loans, the number of open credit card accounts and whether a bankruptcy filing has been made. An insurance score is a measure of how well consumers manage their financial affairs, not of their financial assets. It does not include information about income or race.

Studies (1) have shown that people who manage their money well tend also to manage their most important asset, their home, well. And people who manage their money responsibly also tend to handle driving a car responsibly. Some insurance companies use insurance scores as an insurance underwriting and rating tool.

Related Study - The Relationship of Credit-Based Insurance Scores to Private Passenger Automobile Insurance Loss Propensity, by EPIC Actuaries, LLC, June 2003

INSURANCE-TO-VALUE
Insurance written in an amount approximating the value of the insured property.

INTEGRATED BENEFITS
Coverage where the distinction between job-related and non-occupational illnesses or injuries is eliminated and workers compensation and general health coverage are combined. Legal obstacles exist, however, because the two coverages are administered separately. Previously called twenty-four hour coverage.

INTERMEDIATION
The process of bringing savers, investors and borrowers together so that savers and investors can obtain a return on their money and borrowers can use the money to finance their purchases or projects through loans.

INTERNET INSURER
An insurer that sells exclusively via the Internet.

INTERNET LIABILITY INSURANCE
Coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infringement, defamation, and violation of privacy.

INVESTMENT INCOME
Income generated by the investment of assets. Insurers have two sources of income, underwriting (premiums less claims and expenses) and investment income. The latter can offset underwriting operations, which are frequently unprofitable.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

  Our Site Links
Home Page
Who We Are
Our Carriers
Map & Direction
Get A Quote
FAQ
News Center
Contact Us
Type of Insurance
Auto Insurance
Home Insurance
Life Insurance
Business Insurance
Bonding
Annuities
Motorcycle
Watercraft
Contact Info
Rocci Insurance Agency, Inc
811 W. Main St.
Louisville, OH 44641
Phone: 330.875.7156
Toll Free: 800.782.1212
Fax: 330.875.1872
Email:
rocci@rocciinsurance.com
Facebook LinkedIn RSS Feed

Quote from some of the best carriers
 
Motorist Mutual
Grange
Progressive
Travelers
                     
CNA Surety
Foremost

At Rocci Insurance Agency, Inc., we are committed to protecting your privacy as a visitor to this Web site and as our customer. To our visitors and to our customers, we offer this pledge:

Rocci Insurance Agency, Inc. is the owner of the information, which is collected on this Web site. We will not sell, disseminate, disclose, trade, transmit, transfer, share, lease or rent any personally identifiable information to any third party not specifically authorized by you to receive your information except as we have disclosed to you in this Privacy Policy.

Information Collection

We will ask you to provide your personal information to us when you enroll for coverage and when you purchase an insurance policy from us. We will also ask you to provide your personal information to us when you send e-mail to us from this Web site. When you enroll for an insurance policy at Rocci Insurance Agency, Inc., we will ask you to provide your name, home address, mailing address, telephone number and e-mail address. This information will be provided to the insurance company when you purchase an insurance policy so they can establish you as a policyholder. We will maintain a record of your information at the offices of Rocci Insurance Agency, Inc. so we can provide you with policyholder service. The employees of Rocci Insurance Agency, Inc. are each required to sign and acknowledge a Confidentiality and Nondisclosure Agreement. Each employee has been instructed on maintaining the privacy of each customer and the importance of protecting the customer's personal information.

When you purchase an insurance policy from Rocci Insurance Agency, Inc., you will pay the premiums with your credit card or personal check. If you use your credit card to pay the premium, your credit card information is deleted from our records after your purchase has been authorized. A transaction number will be provided to you on your Binder of Insurance. You may use this transaction number as a reference to the credit card purchase. We do not keep a record of your credit card information. If you pay the premium using your personal check, we will keep a copy of your check in your file.

When you send us e-mail from this Web site, you will provide us with certain personally identifiable information including your e-mail address.

Cookies

A cookie is a piece of data that is stored on a visitor's hard drive while they are visiting this Web site. We may utilize a short-lived form of cookie when you visit this site. At Rocci Insurance Agency, Inc., a cookie is only used to identify one unique visitor from another visitor during a particular session. A session is the period of active site-use while that unique visitor is linked to our server. We may use cookie technology during a session as a tool to carry forward your input information during the enrollment process. This enables the visitor to input their information once and have the information appear later during the enrollment process. No personally identifiable information is stored on the cookie. The cookie expires and is deleted from the visitor's computer as soon as they close their browser or if they are not actively browsing our Web site for more than 20 minutes. Should a previous visitor to our Web site return for a new session, they will be issued a new cookie and in no way will they be recognized as a visitor from a previous visit or session.

Third Party Links

This Web site may contain links to third party Web sites that are not controlled by Rocci Insurance Agency, Inc. These third party links are made available to you as a convenience and you agree to use these links at your own risk. Please be aware that Rocci Insurance Agency, Inc. is not responsible for the content of third party Web sites linked to Rocci Insurance Agency, Inc. nor are we responsible for the privacy policy or practices of third party Web sites linked to Rocci Insurance Agency, Inc. Our Privacy Policy only applies to information we collect from you while you are at and while you are actively in a session with Rocci Insurance Agency, Inc. If you should link to a third party Web site from Rocci Insurance Agency, Inc., we strongly encourage you to review and become familiar with that Web site's privacy policy. 

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy without providing you with advance notice of our intent to make the changes.

If you have any questions about our privacy policy, please feel free to contact us