Sales Expense ...
The advertising, marketing and paying of commissions that an Insurance Company incurs in the course of doing business.
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Salvage ...
Damaged property that becomes the possession of an Insurance Company when a loss payment is made may then be sold to recover a portion of the amount paid to the Insured.
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Scheduled ...
The itemization of property and the coverage that applies in an insurance policy.
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Scheduled Personal Property Endorsement ...
An endorsement to a Homeowners Policy that provides open peril scheduled coverage for nine optional classes of property.
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Self-Insurance ...
Alternative to purchasing insurance whereby a person, company or organization assumes all or part of the risk of covering against loss by setting aside reserves that would be used to make any necessary loss payment. (See also, Retention.)
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Self-Insured Retention ...
The amount an Insured must pay toward an insured loss before the Umbrella Policy will begin to cover the loss. (See also, Retention Limit.)
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Settlement ...
The act or process of adjusting differences or accounts.
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Short Rate ...
An amount less than Pro Rata.
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Single Limit ...
A limit on liability coverage that combines both Bodily Injury and Property Damage into one aggregate amount. (Also known as, Combined Single Limit.)
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Solicitor ...
An insurance professional who receives applications for insurance and collects premiums, but cannot issue or countersign policies.
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Special Coverage ...
An insurance policy that provides coverage for the Insured from losses caused by perils not specifically excluded by the policy. (See also, All Risk Policy or Open Peril Policy.)
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Specified Cause of Loss ...
An option in Commercial Auto Coverage that provides more limited coverage by insuring against only specified perils.
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Specified Peril Policy ...
Insurance policy that only insures against perils specifically listed in the policy. (See also, Named Peril Policy.)
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Speculative Risk ...
An uncalculated risk that is assumed in the hope of gain.
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Split Limits ...
A type of policy limit of which the limits for Bodily Injury and Property Damage are separated.
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Spread of Risk ...
An insurance principle recommending that insurance companies spread their insured risks over a large geographical area so as to guard against the possibility of sustaining substantial financial loss from perils that could more likely affect numerous insured risks in close proximity.
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Standard Provisions ...
Provisions in a policy that are required by law.
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Standard Risk ...
An Insured to whom the basic rating guidelines of an Insurance Company can be applied, without any restrictions.
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Statute of Limitations ...
A certain amount of time set forth by case law, after which rights cannot be enforced by legal action.
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Statutory Underwriting Profit or Loss ...
Net gain or deficit experienced by an Insurance Company from accruing underwriting premium and disbursing loss payments as recorded on the Statutory Income Statement, not counting the influence of investments. (See also, Underwriting Profit or Loss.)
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Stock Insurance Company ...
An insurance company that operates to insure its policyholders and profit its stockholder owners. (Compare, Mutual Insurance Company.)
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Subrogation ...
A policy provision that allows an insurance company to recover payment for the actual cash value of the property damaged from an insured peril sustained by an Insured from the person, company or organization who is legally liable for damages.
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Supplemental Coverage ...
(Compare, Principal Coverage.)
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Supplementary Payments ...
Extra coverage for expenses over and above the limit of liability for an Insured.
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Surplus ...
The excess of admitted assets, which does not include unearned premium, over liabilities, which includes outstanding reserves.
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Surplus Lines Agent ...
Agent licensed by the state to handle placement of business with non-admitted insurers. (See Also, Excess Lines Agent).
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Syndicate ...
A group of persons or concerns officially authorized to negotiate business transactions.
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