Terms Starting with I

  • Income Property Definition,
    • Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
  • Income Protection (IP)Acronym,
    • Income Protection Insurance (IPI)Acronym,
        Insurance policy.
      • Income Statement Definition,
        • Also known as the profit and loss statement or P&L, enables you to calculate your company's pre-tax profits by subtracting total expenses from total revenues.
      • Income Tax Definition,
        • The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
      • Income Tax Act (ITA) Acronym, Canada,
        • An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.
      • Income Tax Application Rules (ITAR)Acronym, Canada,
          Canadian government Act.
        • Income Tax Conventions Interpretation Act (ITCIA)Acronym, Canada,
          • Income Tax Technical News (ITTN)Acronym, Canada,
            • Income-splitting Definition,
              • A financial strategy used for tax purposes to reduce the overall tax burden on a family. Income is shifted from one family member to another who is in a lower tax bracket, so the income is taxed at the lower rate to save the family money.
            • Incontestability Clause Definition,
              • A clause that places a time limit on how long an insurer has to void a policy due to a policyholder's accidental misstatement in his or her life insurance application.
            • Incorporated Business Definition,
              • A company that exists as a corporation.
            • Increased Value (IV)Acronym,
              • Increasing Rate Note (IRN)Acronym,
                • Incremental Capital/output Ratio (ICOR)Acronym,
                  • Incremental Rate of Return (IROR)Acronym,
                    • Incurred But Not Paid (IBNP)Acronym,
                        Health insurance claim.
                      • Incurred But Not Reported (IBNR) Acronym,
                        • An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
                      • Indefeasible Definition,
                        • That which cannot be forfeited or done away with. Indemnity Protection or exemption from loss or damage.
                      • Indemnity Definition,
                        • An arrangement where one party assumes liability for another party.
                      • Indemnity Discount Factor (IDF)Acronym,
                        • Indemnity Insurance Definition,
                          • A class of insurance that covers liability for damages, which includes insurance types such as malpractice insurance and errors and omissions insurance.
                        • Independent Activity of Daily Living (IADL)Acronym,
                          • Independent Bank Definition,
                            • A locally owned bank that is operated without being affiliated with a bank holding company. Also known as a community bank.
                          • Independent Bank Corporation (IBCP)Company, United States,
                            • Independent Fee Appraiser Senior (IFAS)Acronym, Canada,
                              • Independent Financial Adviser (IFA)Acronym,
                                  A UK term.
                                • Independent Financial Brokers of Canada (IFBC) Company, Canada,
                                    Non-profit organization representing independent insurance, mutual fund and other financial service professionals.
                                  • Independent Financial Concepts Group Ltd. (IFCG) Company, Ontario, Canada,
                                    • Independent Insurance Brokers Association of Alberta (IIBAA)Company, Alberta, Canada,
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