I-J

Implied Discount Rate (IDR): is the discount rate that, when applied to a deterministic projection of future distributable profits based on “real-world” best estimate assumptions, produces the same value as that arising from the market consistent valuation.

Index-Linked (contracts, products): Stock Market index-linked policies.
 
Indirect business: premiums from reinsurance contracts.
 
Individual pension schemes: supplementary pensions for individuals other than those paid by the public welfare system which are implemented either by joining open pension funds or by  taking out a life insurance policy meeting specific requirements envisaged by the law.
 
Information technology: technology used to gather, preserve, update and convey information needed by any operating body.
 
Institutional investors: bodies whose purpose is to carry out and manage investments for themselves or third parties (banks, insurance companies, trustees, pension funds, etc.).
 
Insurance agent: independent insurance professional who offers his/her technical skills to customers and deals with the management and development of business in an agency by selling and servicing policies on behalf of one or several insurance companies. He/she works at his/her own risk and expenses and is fully or partly paid on commission. Insurance agents are entered in a professional roll managed by ISVAP (Italian Insurance Supervisory Authority).
 
Insurance contract: a contract whereby the insurer undertakes, against payment of a premium, to indemnify the insured for damage or loss caused or pay a lump sum or an annuity upon the occurrence of a specific event in the life of the insured. In other words, the insurance contract is a tool whereby the insured transfers a risk he/she is exposed to to the insurer.
 
Insurance policy: document proving the existence and describing the content of an insurance contract. The policy is signed by both parties, issued by the insurer and given to the contractor. It includes all the terms of contract, be they general or particular.
 
Insurance surveyor: a person working for an insurance company - usually on a freelance basis - who is in charge of estimating the extent of loss or damage suffered by either the insured or, in third party liability insurance, the injured party following an accident. Insurance surveyors are entered in a professional roll managed by ISVAP (Italian Insurance Supervisory Authority).
 
Insurance year: twelve sequential months starting from the inception of a policy.
 
Insured value: it is the value of the matter insured, e.g. the sum insured for a vehicle against  the risk of theft. The insured value may not correspond to the insurable value, thus leading to underinsurance (or partial insurance) or overinsurance.

Internal Rate of Return (IRR): is defined as the rate that makes equal to zero the present value of new business distributable profits (therefore allowing for new business first year strain and required capital absorption) calculated using “real-world” best estimate assumptions.
 
Intranet: Internet network accessible only to company staff.

Investor relations: relations between the Company and its investors.
 
ISO (International Organization for Standardization): ISO (International Organization for Standardization): international network of technical standard-setting bodies. The major standards include ISO 14001 (referring to environmental management systems) and ISO 9000 (relative to quality systems).
 
ISVAP: Italian Supervisory Body for Private Insurance (Istituto per la Vigilanza sulle Assicurazioni Private e di Interesse Collettivo).
 
Joint venture: association of two or more companies, sometimes of different nationalities, working together on a single project.