Salvage: Recovery
made by an insurance company by the sale of property which
has been taken over from the insured as a part of loss settlement.
Self-Insurance:(1) A program for providing
group insurance with benefits financed entirely through the
internal means of the policyholder, in place of purchasing
coverage from commercial carriers. (2) A form of risk financing
through which a firm assumes all or a part of its own losses.
Senior Citizen Policies: Contracts insuring
persons 65 years of age or more. In most cases, these policies
supplement the coverage afforded by the government under the
Medicare program.
Service-Type Plans: Plans
that provide their benefits in the form of services rendered
rather than cash (for example, Blue Cross and Blue Shield).
Settlement Options: The several ways, other
than immediate payment in cash, which a policyholder or beneficiary
may choose to have policy benefits paid.
Short-Term
Disability Income Insurance: The provision to pay benefits
to a covered disabled person as long as he/she remains disabled
up to a specified period not exceeding two years.
Skip person: a beneficiary who is at least two generations
younger than the person making the transfer.
Small Business Insurance: insurance cover for small
to medium sized enterprise (SMEs)
Social Security Freeze: A long- term disability policy
provision which establishes that the offset from benefits
paid by Social Security will not be changed regardless of
subsequent changes in the Social Security law.
Social Security Option: An option under which the employee
may elect that monthly payments of an annuity before a specified
age (62 or 65) be increased, and that payments thereafter
be decreased to produce, as nearly as practical, a level total
annual annuity to the employee, including Social Security
benefits when they become due.
Soft Market:
That part of the insurance sales cycle in which competition
is at a maximum as insurance companies use their excess capacity
to sell more policies at lower prices (see Hard market).
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.
Spouse's Benefit: Payments to the surviving
spouse of a deceased employee, usually in the form of a series
of payments upon meeting certain requirements and usually
terminating with the survivor's remarriage or death.
Standard Insurance: Insurance written on the
basis of regular morbidity underwriting assumption used by
an insurance company and issued at normal rates.
Standard Markets: insurance companies for which the
vast majority of people qualify
Standard Provision:
Those contract provisions generally required by state statutes
until superseded by the uniform policy provision. (2)A set
of policy provisions prescribed by former laws setting forth
certain rights and obligations of both the insured and the
company under an individual policy of health insurance. These
were originally introduced in 1912 and have now been replaced
by the Uniform Provisions.
Standard Risk:
A person who, according to a company's underwriting standards,
is entitled to purchase insurance protection without extra
rating or special restrictions.
State Disability
Plan: A plan for accident and sickness, or disability
insurance required by state legislation of those employers
doing business in that particular state.
State
Fund: A fund set up by a state government to provide a
specific line or lines of insurance. Some state permit private
insurers to compete with the state fund.
State
Insurance Department: A department of a state government
whose duty is to regulate the business of insurance and give
the public information on insurance.
State-of-the-Art
Defense: An argument used in product liability cases that
the technology needed to avoid the loss in a particular case
did not exist at the time of the product's manufacture
Statutory Accounting: Special accounting practices
for insurance companies required by state law and designed
to provide greater protection for the public against potential
insolvency of these essential institutions.
Statutory Accounting Principles (SAP): Principles required
by statute which must be followed by an insurance company
when submitting its financial statements to the various state
insurance departments. Such principles differ from the Generally
Accepted Accounting Principles (GAAP).
Statutory
Underwriting Profit or Loss: Premiums earned less losses
and expenses.
Step-Rate Premium: A rating
structure in which the premiums increase periodically at pre-determined
times such as policy years or attained ages.
Step-up in basis:An increase in the tax basis of property
to the value claimed in the taxable estate of a decedent.
Stock Company: A company organized and owned
by stockholders, as distinguished from the mutual form of
company which is owned by its policyholders.
Stock Exchange: An organization that provides a facility
for buyers and sellers of listed securities to come together
to make grades in those securities.
Stockholder
(or shareholder): 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 the stockholders.
Strict Liability: Liability
for damages even though fault or negligence cannot be proven.
Subrogation: Process by which one insurance
company seeks reimbursement from another company or person
for a claim it has already paid.
Substandard
(Impaired Risk): A risk that cannot meet the normal health
requirements of a standard health insurance policy. Protection
is provided in consideration of a waiver, a special policy
form, or a higher premium charge. Substandard risks may include
those persons who engage in certain sports and persons who
are rated because of poor habits or morals.
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 health history or
physical limitations, does not measure up to the qualification
of a standard risk.
Surety Bond: An agreement
providing for monetary compensation in the event of a failure
to perform specified acts within a stated period. The surety
company, for example, becomes responsible for fulfillment
of a contract if the contractor defaults.
Surplus:(1)The
net worth of a company, i.e. the amount by which assets exceed
liabilities. Adequate net worth is necessary for the protection
of policyholders against unforeseen losses. (2)The amount
by which the value of an insurer's assets exceeds its liabilities.
Surplus Lines: (1) A risk or a part of a
risk for which there is no normal insurance market available.
(2) Insurance written by non-admitted insurance companies.
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