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I

Imports
Goods or service that are produced in another country and sold domestically
Income statement
Financial statement that measures a company's financial performance over a specific accounting period; also known as the profit and loss statement or statement of revenue and expense
Indemnification
After a loss occurs, restoring an insured to his/her financial position before the loss
Indemnity
Obligation of one party to reimburse another party for losses which have occurred or which may occur
Independent contractor
Person or business that follows an independent trade, business or profession in which they provide goods or services to the public; used interchangeably with independent professionals, consultants, freelancers and temps
Indexed rate
Sum of the published index plus the margin (i.e. if the index is 9% and the margin 2.75%, the indexed rate is 11.75%)
Individual Retirement Account (IRA)
An investing tool used by individuals to earn and earmark funds for retirement savings; contributions may be tax-deductible; earnings are not taxed until the funds are withdrawn at age 591/2 or later
Inflation indexed
Benefits that rise over time to offset increases in the cost of living, usually as measured by the Labor Department's consumer price index
Initial public offering
Stock in a company that is being traded on an exchange for the first time
Insiders
Directors and senior officers of a corporation (those who have access to inside information about a company); ALSO someone who owns more than 10% of the voting shares of a company
Insufficient funds
When an account balance is inadequate to cover a check that has been written and presented for payment
Insurable interest
Interest in property such that loss or destruction of the property could cause a financial loss
Insured
Person(s) or party(ies) who are insured or protected by an insurance policy
Insurer
Company who provides the insurance coverage and services on a specific policy
Intellectual property
Ownership, as evidenced by patents, trademarks and copyrights, conferring the right to possess, use or dispose of products created by human ingenuity
Interest
Cost for borrowing a sum of money, or the amount earned on an interest-bearing deposit account, usually calculated at a percentage rate over a period of time
Interest income
Earnings on investments such as savings accounts, certificates of deposit and money markets
Interest inventory
Self assessment tool, used in career planning, that assesses one's likes and dislikes of a variety of activities, objects, and types of persons; the premise is that people in the same career (and satisfied in that career) have similar interests
Interest rate
Annual rate paid on an interest-bearing account, such as a savings accounts and CDs, which does not reflect compounding
Interest transfer
Process that allows interest earned in one account to be transferred to another account
IRA rollover
Transfer of funds from a retirement account into a Traditional IRA or a Roth IRA