Glossary beginning with S | IFFCO Tokio General Insurance Company in India

Glossary beginning with S

Salvagesearch for term

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

Schedulesearch for term

A list of coverages or amounts concerning things or persons insured

Self-Insurancesearch for term

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

Settlementsearch for term

A policy benefit of claim payment

Short period ratessearch for term

Percentage of annual premiums charged for short period policies

Short Rate Cancellationsearch for term

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

Social Insurancesearch for term

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

Solvency marginsearch for term

Surplus of assets over liabilities

Special Damagessearch for term

Amount awarded in litigation to compensate for specific identifiable economic loss

Speculative Risksearch for term

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

Sprinkler Leakage Insurancesearch for term

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 Chargessearch for term

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 Inspectionssearch for term

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 Liabilitysearch for term

Liability for damages even though fault or negligence cannot be proven

Subrogationsearch for term

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

Subsidencesearch for term

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

Sum Insuredsearch for term

The limit of liability of the insurers under a policy

Surety Bondsearch for term

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

Surplussearch for term

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

Surrender Valuesearch for term

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 Propertysearch for term

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

Surveyorsearch for term

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

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