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I
Incontestable Clause
A clause in a life insurance policy providing that after a policy has been in effect for a given length of time (one or two years), the life insurance company shall not be able to contest the statements contained in the application unless fraud can be proven.
Indemnity
Restoration of the claimant to the same financial position immediately before a loss by payment, repair or replacement.
Insurable interest
A basic principle of insurance that requires the person purchasing insurance to have an interest in the insured item or life insured in that the loss or damage to the item or life insured would result in a financial loss to the person.
Insurance company
A company licensed under the Insurance Act 1996 to carry on life or general insurance business or both life and general insurance business.
Insured
The person whose life or health is covered by a specific policy.
Investment-linked insurance
A life insurance policy where the policy value at any time varies according to the value of the underlying assets at the time.

Issue date
Also known as “Effective Date”. The date that an insurance policy is approved.