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Safe Driver Insurance Plan
An Automobile insurance rating program which applies the lowest rates to operators with the best driving records. Points are assigned for accidents and traffic violations with higher rates resulting as points increase.

Damaged property that may be retrieved, reconditioned, and sold to reduce an insured loss.

A list of individual items covered under one policy with specific amounts of insurance
applicable to each.

Scheduled Personal Property Endorsement
An endorsement to the Homeowners policy that schedules specific amounts of coverage for one or more of several categories of personal property on an all risks basis.

Self- Insurance
Financial preparation, in accordance with law for meeting an insured's own risks by appropriating sufficient funds in advance. Self-insurance does not mean "no insurance".

Self-Insurance Bond
A Surety bond that can be provided as evidence of compliance with an insurance requirement.

An adjustment where the disposition of the claim involves the payment of a sum of money to the insured or third-party claimant.

Severability Clause
A standard Liability insurance clause which means that insurance applies separately to each insured.

Short Rate
The method of calculating the return premium on policies cancelled by the insured providing a penalty because of the cancellation.

Short-Rate Cancellation
When the policy is terminated prior to the expiration date at the policyholder's request. Earned premium charged would be more than the pro-rate earned premium. Generally, the return premium would be approximately 90 percent of the pro-rate return premium. However, the company may also establish its own short-rate schedule.

Signs Coverage Form
A Commercial Inland Marine Coverage form that provides all risk coverage for neon, fluorescent, automatic or mechanical electrical signs.

Single Limits
In Auto Liability, policy limits that apply to all bodily injury and property damage arising from a single accident.

Small Business Boiler And Machinery Broad Form
A Boiler and Machinery Coverage form for small businesses that provides somewhat broader coverage than the standard Small Business Boiler and Machinery .

A licensed employee of a fire and casualty agent or broker who may act for the agent or broker in some circumstances.

Having sufficient assets–capital, surplus,, reserves–and being able to satisfy financial requirements–investments, annual reports, examinations–to be eligible to transact insurance business and meet liabilities.

Sound Receiving And Transmitting Equipment Endorsement
An endorsement that can be added to an Auto policy for such equipment permanently installed in the auto .

Specialty Company
An insurance company writing limited lines of coverage not a broad across-the-board book of business.

Specific Insurance
Property specifically listed and covered for a specific amount. Also called Scheduled coverage.

Specified Perils Policy
A policy which names the specific perils insured against.

Split Limits
In Auto Liability insurance, policy limits that apply one limit to each person injured, another for the bodily injury claims of all persons injured in a single accident, and a separate limit for all property damage arising out of a single accident. Split limits are usually written without zeros and separated by slashes, for example, 15/30/10. Also called dual limits.

Sprinkler Insurance
Coverage for property damage caused by untimely discharge from an automatic sprinkler system.

SR-22 Filing
A form which must be filed by the insurance company stating that auto liability insurance is in effect for a particular individual. Required when insurance is provided to an individual who was in an accident or was convicted of a traffic offense and was unable to show financial responsibility.

Stop Loss
Any provision in a policy designed to cut off an insurer's losses at a given point.

Straight Deductible
A deductible that specifies the deduction of a flat amount.

Subdivision Bond
A Contract bond that may be required by an authority, guaranteeing that promised streets, walks, sewers, lights and other required improvements will be installed.

The right of an insurer who has taken over another's loss also to take over the other person's right to pursue remedies again a third party.

Sue And Labor Clause
A clause in Ocean Marine policies that requires the insured to take all steps necessary to save and preserve goods from loss or to minimize a loss which has occurred.

Supplementary Payments
Found in most liability contracts. Supplementary Payments provide "extra" coverage over and above the insured's limit of liability. Included are defense costs, first aid, bond premiums, accrued interest oil judgments, etc.

Supply Contract Bond
A form of Contract bond which guarantees that a supplier will furnish supplies, products or equipment, sometimes including installation. See Contract bond.

Surety Bonds
Bonds which guarantee that someone will perform faithfully whatever he or she agrees to do or that someone will make .bn agreed upon payment to another party.

Surgical ExpenseInsurance
A type of Health insurance that covers fees of physicians for performing surgery, with a maximum amount payable for each procedure.

An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.

To terminate or cancel a life insurance policy before the maturity date. In the case of a cash value policy, the policyholder may exercise one of the non-forfeiture options at the time of surrender.

A group of insurers or underwriters who join to insure property that may otherwise be to high of a hazard.

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