BROWN O'HAVER Adjusters For THe Insured

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Insurance Dictionary

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A B C D E F G H I J L M N O P R S T U W

SALVAGE - (1) The value of property after it has been partially destroyed or damaged by fire or other insurance-covered causes. (2) In marine insurance, it means the cost of bringing a damaged and rudderless ship to port, rather than letting it become derelict and sink.

SELF-INSURANCE - This is the setting aside of funds by an individual or company to pay its own insurance losses.

SLANDER - The speaking of false, malicious an defamatory words which damage the reputation of another person.

SOLICITOR - An appointed or authorized individual to solicit and receive application for insurance as a representative.

SPECIAL DAMAGES - In casualty insurance, the out-of-pocket expenses that arise directly from the damage done to a third party, such as the money expended for doctors and hospital, the repair of clothing, and the loss of wages.

SPECIALS - This is a shortened form of the term "special damages", as described above, and which is common expression to adjusters and attorneys.

SPRINKLER LEAKAGE INSURANCE - This insurance insures against the accidental damage done by an automatic sprinkler system, for example, the freezing of pipes. If fire causes the water discharge, the fire department pays for the damage.

STACKING - This is where one policy is adding benefits "on top" of another policy. Although not applicable in all states "stacking" can sometimes double benefits.

STANDARD - This risk meets the same conditions of health, physical condition, and morals as the tabular risks on which the rate is based.

STANDARD FIRE POLICY - Usually this is the 1943 New York 165-line fire insurance policy. Some states modify it.

STANDARD PROVISIONS - (1) Provisions that are prescribed by the state law and which must appear in all policies in that jurisdiction. (2) Provisions that the NAIC have adopted to apply to group Life Insurance as minimum protection, these are usually required by law. (3) Formerly, these were a set of prescribed provisions which regulated the operating conditions of a Health Insurance policy between 1912 and 1950. They are now superseded by uniform provisions for Individual Accident and Health Insurance policies which contain an NAIC model bill.

STATED AMOUNT - An agreement by the insurance company to pay a specified amount of money to or on behalf of the insured upon the occurrence of a loss.

STATEMENT - This is either a written or stenographer transcribed account of the details of an accident or occurrence.

STATUE OF LIMITATIONS - The law which places a time limit within which law suits must be brought before the right to bring the law suit expires. This varies from state to state.

SUB-STANDARD - This is less than standard.

SUMMONS - A written notification from a proper court officer to be served on a person, ordering him to appear in court by a specified day to answer a complaint by one who claims damage.

SURPLUS LINE - The coverage that is procured in an unlicensed insurance company because of its unavailability in the licensed market.

SURVEY - The investigation and inspection of certain types of insurance-covered property such as ship cargoes, ships and aircraft losses, generally referred to as a survey or marine survey.

A B C D E F G H I J L M N O P R S T U W

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