Yes, IMPLICATION is a Scrabble word!

Letter values in Scrabble US: I 1, M 3, P 3, L 1, I 1, C 3, A 1, T 1, I 1, O 1, N 1.

Is it a valid word?

IMPLICATION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

something that is inferred (deduced or entailed or implied)
a meaning that is not expressly stated but can be inferred
an accusation that brings into intimate and usually incriminating connection
a logical relation between propositions p and q of the form `if p then q'; if p is true then q cannot be false
a relation implicated by virtue of involvement or close connection (especially an incriminating involvement)

Also: logical implication, conditional relation.