Page 11 - Insurance Glossary 100 Terms - Sashi Publications

Incident Response Plan: A strategy for

detecting, managing, and recovering from

security or risk-related incidents.

Incurred Claim Ratio: The ratio of net claims

paid to the net premium collected.

Indemnity: Compensation for loss or

damage as per the policy terms.

Inherent Risk: The level of risk before any

controls or risk management actions are

applied.