Glossary

An invitee is a person to whom an express or implied invitation has been given to come onto the premises for the business advantage of the possessor.

In camera proceedings constitute a private hearing with the judge outside of the presence of spectators and the jury.

An in rem endorsement is a workers compensation coverage endorsement extending coverage for suits filed against the value of the ship by an injured crew member seeking for the recovery of damages.

An irrevocable beneficiary is a beneficiary to a life insurance policy that cannot be changed without their consent.

An irrevocable letter of credit (ILOC) or standby letter of credit is a contractual agreement between a financial institution (a bank) and the party to which the letter is issued.

Issued business refers to life insurance contracts that have been paid for and written by the insurer but are not yet delivered to or accepted by the insured.