Inception
The date and time on which coverage under an insurance policy takes effect.

Indemnity
A contract, expressed or implied, to repay in the event of a loss. Insured neither gains nor loses.

Independent Adjuster
One who adjusts losses on behalf of insurance companies, but is not employed by any one insurance company.

Insurance
A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.