Insurance terms starting with S

17 terms

  1. Scheduled items Articles such as jewelry, furs, stamps, coins, guns, computers, antiques, and other items that may exceed normal policy limits in your regular homeowner…
  2. Settlement After negotiating, the amount you agree to accept from the insurance company as full payment for your loss.
  3. Settlement Option One of several ways, other than immediate payment in a lump sum, in which the insured or beneficiary may choose to have the policy proceeds paid.
  4. Sewer Back-up and Sump Pump Overflow Coverage Coverage available for an additional premium to your homeowners insurance policy that pays for damage caused by sump pump failure or sewer back-up.
  5. Short rate cancellation Cancellation by the insured of an insurance policy for which the returned unearned premium is diminished by administration costs incurred when the…
  6. Single interest insurance Insurance coverage for only one of the parties having an insurable interest in that property.
  7. Single-Family Residence A residential single family dwelling. Incidental office, professional, private school, or studio occupancies, including a small service operation, are…
  8. Special Flood Hazard Area (SFHA) An area defined on a Flood Insurance Rate Map with an associated risk of flooding.
  9. Stacking of UM or UIM This coverage allows you to either multiply the amount of uninsured or underinsured motorist coverage by the number of vehicles on your policy, or to…
  10. Staff adjuster Employee of the insurance company’s claims department.
  11. Standard Flood Insurance Policy (SFIP) Policy issued to insure a building and/or its contents.
  12. Stock Life Insurance Company A life insurance company owned by stockholders who share in the company's surplus earnings.
  13. Straight Life Insurance (See Whole Life Insurance.)
  14. Submit-for-Rate An application for flood insurance on a building for which no risk rate is published in the Flood Insurance Manual.
  15. Subrogation The process of recovering the amount of claims damages paid out to a policyholder from the legally liable party.
  16. Surcharge An extra charge applied to the premium by an insurance company, usually applied as a result of at-fault accidents or moving violations.
  17. Surplus lines Coverage from out-of-state companies not licensed in Texas but legally eligible to sell insurance on a "surplus lines" basis.