Life Insurance Glossary - S

Salvage
Recovery made by an insurance company by the sale of property which has been taken over from that insured as a part of loss settlement. The remains of damaged vehicle or any other property

Schedule
A list of coverages or amounts concerning things or persons insured

Self-Insurance
A form of risk financing through which a firm assumes all or a part of its own losses

Settlement
A policy benefit of claim payment

Short period rates
Percentage of annual premiums charged for short period policies

Short Rate Cancellation
Cancellation with a less than proportionate return of premium: also known as Pro Rata Cancellation.

Social Insurance
Compulsory insurance, in which the benefits are prescribed by law and in which the primary emphasis is on social adequacy rather than equity

Solvency margin
Surplus of assets over liabilities

Special Damages
Amount awarded in litigation to compensate for specific identifiable economic loss

Speculative Risk
A condition in which there is a possibility of loss or gain

Sprinkler Leakage Insurance
Insurance against loss from accidental leakage or discharge from a sprinkler system due to some cause other than a hostile fire or certain other specified causes

Standing Charges
Expenses which still have to be met even if a business cannot earn its full income owing to fire or other damage. These expenses do not diminish proportionately as a result of the damage

Statutory Inspections
Plant inspections which are required by law to be carried out at stipulated intervals by a competent person who must also prepare a report in a prescribed form detailing the condition of the plant

Strict Liability
Liability for damages even though fault or negligence cannot be proven

Subrogation
It is defined as the transfer of rights and remedies of the insured to insurers who have indemnified the insured in respect of the loss

Subsidence
Occurs when the ground under a building moves downwards, often as a result of drying out too much

Sum Insured
The limit of liability of the insurers under a policy

Surety Bond
An agreement providing for monetary compensation should there be a failure to perform certain specified acts within a stated period: the surety company, for example, becomes responsible for fulfillment of a contract if the contractor defaults

Surplus
An amount by which the value of an insurer's assets exceeds their liabilities

Surrender Value
Surrender value is the amount payable to the policy holder on his surrendering his right under a policy and terminating the contract of insurance

Surrounding Property
Property belonging to the insured or in his custody or control except for the plant causing the damage or property being lifted

Surveyor
The company official who inspects property proposed and makes recommendations as to rating and loss reduction.



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