Indemnity - The principle by which insurance policyholders
are put in the same financial position after a loss as they were
immediately before it.
Insurance Premium Tax (IPT) - A Government tax charged
as a percentage of insurance premiums. Insured A person or organisation
covered by an insurance policy.
Insured car - The insured car as specified by its registration
mark on your current certificate of motor insurance. Some motor
insurance policies insure the vehicle, and some insure the driver.
Insurer - The party to the insurance contract who promises
to pay losses or benefits, usually an insurance company.
Intermediary - A person or organisation that offers advice
and arranges policies for clients. Under UK regulations, intermediaries
must be either tied, whereby they represent only one company in
the case of life business or a limited number of companies for general
business, or independent, whereby there is no limit on the number
of companies with which they can deal.
Introducer - Individuals, companies or websites that inform
borrowers about certain products or services and ‘introduce’ them
to the lender. Introducers receive a fee for passing on new business.
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