Please choose the letter you wish to define:
The recovery made by an insurance company by the sale of
property which has been taken over from the insured as a part of
A list of individual items covered by an insurance policy with
their descriptions and values.
A procedure where an employer maintains all records regarding
the employees covered under a group insurance plan.
A form of risk financing through which a firm assumes all or a
part of its own losses.
A policy benefit of claim payment.
- Settlement Options:
The several ways, other than immediate payment in cash, which
a policyholder or beneficiary may choose to have policy benefits
- Short-Term Disability Income Insurance:
A group or individual policy usually written to cover a short term
disability (13-26 weeks).
- Sickness Insurance:
A form of health insurance providing benefits for loss resulting
from illness or disease.
- Special Damages:
Compensation awarded for actual economic losses, such as
medical expenses and lost wages. (See general damages)
- Special Risk Insurance:
Coverage for risks or hazards of a special or unusual nature.
- Split Funding:
The use of two or more funding agencies for the same pension
plan. An arrangement whereby a portion of the contributions to
the pension plan are paid to a life insurance company and the
remainder of the contributions are invested through a corporate
trustee, primarily in equities.
- Standard Insurance:
Insurance written on the basis of regular morbidity underwriting
assumption used by an insurance company and issued at normal
Standard Markets: Insurance companies for which the vast
majority of people qualify for insurance.
- Standard Provision:
The contract provisions required by state statutes until
superseded by the uniform policy provision.
- Standard Risk:
An individual who, according to a company's underwriting
standards, is entitled to purchase insurance protection without
extra rating or special restrictions.
- State Fund:
A fund set up by a state government to provide a specific line or
lines of insurance, such as Workers Compensation.
- State Insurance Department:
A department of a state government whose duty is to regulate
the business of insurance and give the public information on
- Step-Rate Premium:
A rating structure in which the premiums increase periodically at
A person who owns shares of stock in a corporation.
- Stock Insurance Company:
A company in which the legal ownership and control is vested in
- Stock Life Insurance Company:
A life insurance company owned by stockholders who elect a
board to direct the company's management.
- Stock Redemption Agreement:
A buy-sell agreement within a corporation that involves the
corporation buying back shares from a deceased stockholder.
- Strict Liability:
Usually dealing with property insurance, the liability that
manufacturers and merchandisers may be subject to for
defective products sold by them for damages, regardless of fault
The process by which an insurance company seeks
reimbursement from another company or person for a claim it
has already paid.
- Substandard Insurance:
Insurance issued with an extra premium or special restriction to
those persons who do not qualify for insurance at standard rates.
- Substandard Risk:
An individual, who, because of poor health history or physical
limitations, does not measure up to the qualification of a standard
- Supplementary Contract:
An agreement between a life insurance company and a
policyholder or beneficiary by which the company retains the
cash sum payable under an insurance policy and makes
payments in accordance with the settlement option chosen.
- Surety Bond:
A bond guaranteeing that a principal will carry out the obligation
for which they are bonded. Most often this is issued to a
- Surgical Expense Insurance:
Health insurance policies, which provide benefits toward the
physician's or surgeon's operating fees. Benefits may consist of
scheduled amounts for each surgical procedure.
- Surgical Schedule:
A list of maximum amounts payable by the policy for various
types of surgery, with the amount based on the severity of the
An amount by which the value of an insurer's assets exceeds
- Surplus Lines:
A risk or a part of a risk for which there is no normal insurance
market available, insurance written by non-admitted insurance
A group of insurers or underwriters who join to insure property that may
otherwise be too high of a hazard.
Please choose the letter you wish to define:
Insurance Glossary is Copyrighted By Richard H. Reynolds.
Insurance Network of America Uses This Glossary By Permission.
Important Note: This website provides only a simplified description of coverages and is not a statement of contract. Coverage may not apply in all states. For complete details of coverages, conditions, limits and losses not covered, be sure to read the policy, including all endorsements.