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Immediate Annuity - A type of an annuity in which the annuity payout period begins immediately following or within one year of the purchase date.

Implied Volatility - The volatility conveyed by the option price observed in the marketplace.

Income/Expense Ratio - The ratio between the gross income from a property and its operating expenses, computed by dividing operating expenses into gross income.

Incoterms - A set of international rules that interpret the most commonly used trade terms in foreign trade.

Increasing Term Insurance - Term life insurance in which the death benefit increases periodically over the policy's term. Often, this type of insurance is purchased as a cost of living rider to a whole life policy.

Index - A published interest rate, such as the prime rate, LIBOR, T-Bill rate, or the 11th District COFI, which a lender uses to calculate the interest rates charged on adjustable mortgage loans or to compare investment returns. On ARMs (Adjustable Rate Mortgage loans), a predetermined margin is generally added to the index to compute the interest rate adjustment.

Index-Amortizing Swaps - Swaps that generally operate as basis swaps for an initial period (the lockout period), after which time the principal balance is amortized or extended based on a schedule that is linked to interest rate changes or some other index during the lockout period.

Indirect Financing - Financing completed through a dealership on which the dealership completes all of the loan documentation and completes the closing with the customer.

Industrial Revenue Bond - A bond secured by lease rental or sales contract payments from private enterprise, for facilities financed by a municipality.

Installment - The periodic loan payment that a borrower agrees to pay to a lender.

Insured Municipal Bond - A bond insured as to timely payment of principal, interest and premium by a private insurer. Principal insurers include: (i) MBIA Inc., owned by public investors; (ii) FGIC Corporation, owned by General Electric Capital Corporation; (iii) AMBAC Indemnity Corporation (AMBAC), owned by public investors; and (iv) FSA, a wholly owned subsidiary of Financial Security Assurance Holding Ltd, a publicly owned corporation. All of these insurers currently carry "triple A" ratings from Moody's and Standard & Poor's.

Interest - The charge imposed by the lender for borrowing money.

Interest Rate - The rate, expressed as an annual percentage, charged by or paid by a bank for use of credit or currency.

Interest Rate Arbitrage - The movement of funds from one money market center to another through the foreign exchange market for the purpose of obtaining higher interest rates.

Interest Rate Cap - A provision in an ARM loan which limits the degree to which the interest rate may increase at any adjustment period.

Interest Rate Floor - The lowest rate to which the interest rate may drop on an adjustable rate loan.

Interest Rate Swap - The exchange between counter parties of a fixed interest rate and a floating interest rate in the same currency.

Investment Property - Real estate owned with the intent of supplementing income and not intended for owner occupancy.

Irrevocable Beneficiary - A person designated by the owner to receive proceeds in the event of the annuitant's death. With this designation, the owner relinquishes all rights to make any further changes without this beneficiary's written consent.

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Glossary
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