S Flashcards
Salvage
value recoverable after a loss.
Statutory Accounting Principles (SAP)
a set of accounting principles set forth by the National Association of Insurance Commissioners used to prepare statutory financial statements for insurance companies.
Security
a share, participation, or other interest in property or in an enterprise of the issuer or an obligation of the issuer.
Self-Insurance
type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally.
Situs of Contract
the jurisdiction in which the contract is issued or delivered as stated in the contract.
Soft Market
a buyer’s market characterized by abundant supply of insurance driving premiums down.
Standard Risk
a person who, according to a company’s underwriting standards, is considered a normal risk and insurable at standard rates. High or low risk candidates may qualify for extra or discounted rates based on their deviation from the standard.
State of Domicile
the state where a company’s home office is located.
State Page
Exhibit of Premiums and Losses for each state a company is licensed. The state of domicile receives a schedule for each jurisdiction the company wrote direct business, or has amounts paid, incurred or unpaid.
Statement Type
refers to the primary business type under which the company files its annual and quarterly statement, such as Life, Property, Health, Fraternal, Title.
Structured Settlements
periodic fixed payments to a claimant for a determinable period, or for life, for the settlement of a claim.
Subsequent Event
events or transactions that occur subsequent to the balance sheet date, but before the issuance of the statutory financial statements and before the date the audited financial statements are issued, or available to be issued.
Surplus
insurance term referring to retained earnings.
Surplus Line
specialized property or liability coverage available via non-admitted insurers where coverage is not available through an admitted insurer, licensed to sell that particular coverage in the state.
Swap
an agreement to exchange or net payments as the buyer of an Option, Cap or Floor and to make payments as the seller of a different Option, Cap or Floor.
