Rick Debe Insurance Agency - DBI Insurance Services
(262) 363-8650
Office Hours: M - Th 8:30 - 5:30 Friday 8:30 - 3:00

We've listed all the relevant insurance terminology we could think of...and then some!  If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!


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Identity Theft Insurance

Coverage for expenses incurred as the result of an identity theft. This includes 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 and then you usually receive payments begin within about a year. Immediate annuities can be either fixed or variable.

Incontestable Clause 

A clause in a policy providing that after a policy has been in effect for a given length of time (two or three years), the insurer shall not be able to contest the statements contained in the application. A health insurance provision also states that after that time no claim shall be denied or reduced on the grounds that a condition not excluded by name at the time of issue existed prior to the effective date. In life policies, if an insured lied as to the condition of his health at the time the policy was taken out, that lie could not be used to contest payment under the policy if death occurred after the time limit stated in the incontestable clause.

Incurred But Not Reported Losses

Losses that are not filed with the insurer or reinsurer until years after the policy is sold. 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.

Incurred Losses

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


A type of insurance in which the insured pays for services at the time they are received, submits bills and copies of paid receipts to the insurance company, and the insurance company reimburses the insured for a set portion of the covered health care expenses.

Independent Agent 

An independent agent represents several different insurance companies and searches the market for the best place for a client's business.

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Independent Review

An appeal process in which a health care professional with no connections to an enrollee's health plan reviews a dispute over whether treatment is medically necessary or experimental.

Individual Practice Association

An association of physicians that contracts with a health maintenance organization, limited service health organization, or preferred provider plan to provide health care services.

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. Sometimes in other saving plans they may make limited contributions on a tax-deferred basis.

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.


A provider, hospital, pharmacy, or other facility is "in-network" when it has contractually accepted the health insurance company's terms and conditions for payment of services.

Instrumental Activities of Daily Living

Basic functional activities necessary for you to remain in your home, such as meal preparation, shopping, light housekeeping, laundry, telephoning, and handling money and paying bills.

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Insurer's inability to pay debts.


Acceptability by the insurance company of an applicant for insurance.

Insurable Interest

A condition in which the person applying for an insurance policy and the person who is to receive the policy benefit will suffer an emotional and financial loss if the event insured against occurs. Without the presence of insurable interest, an insurance contract is not formed for a lawful purpose and, thus, is void from the start.


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.

Insurance Regulatory Information System

Uses financial ratios to measure insurers' financial strength.

Insurance Score

Insurance scores are confidential rankings based on credit information. How to determine your insurance score is by figuring out when the consumer has made timely payments on loans, the number of open credit card accounts and whether a bankruptcy filing has been made. The insurance score is a measure of how well consumers manage their financial affairs, not of their financial assets.

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Insurance to Value

Insurance written in an amount approximating the value of the property insured.


The party covered by an insurance arrangement, to whom an insurance company agrees to indemnify for losses, provide benefits, or render services.

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. Previously called twenty-four hour coverage.

Intermediate Care

Less intensive care than skilled nursing care. Its definition may vary from policy to policy. It usually includes assistance with activities of daily living with the availability of any on-duty registered nurse.


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 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.

Issue Age

Premiums are set at the age you are when you buy the policy and will not increase because you get older. Premiums may increase for other reasons.

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