Glossary beginning with I

Insurance agent

Entrepreneur performing agency activity pursuant to a contract concluded with an insurance undertaking. The activity of agents concentrates on acquiring clients, executing insurance contracts, participating in administering and performing insurance contracts and organizing and overseeing agency activities.

Insurance broker

Entity holding a permit to conduct brokerage activity. Acts on behalf or in favor of an entity seeking insurance cover.

Inward reinsurance

Reinsurance activity entailing a reinsurer or reinsurers accepting a portion of the insurance or groups of insurance yielded by the ceding company.