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Glossary

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Immediate Family

For the purpose of determining changes in ownership for experience rating, immediate family includes father, mother, husband, wife, son, daughter, stepson, stepdaughter, grandson or granddaughter (but not sister, brother, cousin, niece or nephew.).

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Inception Date

The date on which coverage by a policy commences.

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Incurred Loss

The total of the paid indemnity and medical losses (claim amounts already paid) plus the future reserves (claim amounts expected to be paid in the future).

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Indemnity

In general, an amount paid to an injured worker as a partial replacement of wages due to an injury. Indemnity also includes vocational rehabilitation-type benefits.

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Inspection Report

A description of an employer's business processes that is prepared by the WCIRB after inspecting the employer's business premises. The report assigns classifications to employees, departments, or operations for statistical reporting purposes. An insurer also may use the assigned classifications for premium computation and underwriting purposes.