You are correct. Most inflatables are class V pfd's though. Class V pfds must be worn to count (this class also includes survival suits). There may be some inflatables rated as class IV or III. I have the belt type and it does not count unless I have it on.
I got my info from coast guard regs. They note the class V has to be "worn" AND used per lable.
TYPE V: Special-Use Devices
These vests, deck suits, hybrid PFDs, and others are designed for specific activities such as windsurfing, kayaking, or water-skiing. Some Type V PFDs are designed to inflate when you enter the water. To be acceptable, Type V PFDs must be worn and used in accordance with their label.




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