SALVAGE - On paying for a total loss of property, an insurance company takes title to what remains of or what is recovered of the property. This is a right of salvage.
SCHEDULE - 1) A comprehensive list accompanying a policy to detail the property, locations and amounts insured, and the applicable conditions. 2) In rate making, the formula applied to determine a rate.
SCHEDULE OF INSURANCE - A list of items individually covered by a policy, e.g., a list of jewels under a jewellery floater, a list of cars insured under one automobile policy or a list of buildings insured against fire.
SEASONAL RISK - 1) A risk occupied only part of the year, such as a summer dwelling. 2) In manufacturing, it may be a plant operating seasonally, such as a cannery.
SECOND PARTY - The insurance company that issues the policy is considered the second party of the two parties needed to form a legal contract. The first party is the policyholder.
SHORT RATE CANCELLATION - The cancellation by the insured of a policy before its natural expiration; the insurer pays a return premium which is less than the proportionate part that remains unearned.
SMOKE DAMAGE - Essentially, the devaluation by smoke, not fire, of merchandise and property. Such damage is covered by the fire policy.
SPECIAL DAMAGES- Actual loss from the natural, not the necessary, consequences of the subject of complaint; e.g., specific payments for medical bills or car repairs. In third party claims, it means the damages that may be proved with documents
SPECIAL EVENT - Specific presentations, performances or celebrations that mark a special occasion or are used to achieve goals and objectives. Special events usually fall outside an organization’s scope of normal operation.
STANDARD CONSTRUCTION - A term applied to a building which conforms to certain agreed upon standards of construction, such as solid brick, stone or concrete.
STANDARD FORMS - Any insurance form worded identically by all insurance companies, generally to meet the requirements of local legislation.
STANDARD LIMITS - The basic amounts of indemnity provided under a liability policy or the liability section of a policy. These limits can be increased by agreement, with an additional percentage charge.
STANDARD RISK - A person who, according to a company's underwriting standards, is entitled to purchase insurance protection without special restrictions.
STATEMENT OF CLAIM - A written statement by a plaintiff detailing the facts which support the claim against the defendant and the relief sought.
STATUTORY CONDITIONS - Special prescribed and standardized conditions that the Provincial Insurance Acts require to be included in fire, automobile and accident and sickness policies.
SUBROGATION - Once a company has paid a loss for which someone other than the policyholder is responsible, it may have the right to recover this loss from the guilty party. This right is called subrogation.
SUBSTANDARD INSURANCE - Insurance for those persons who do not qualify for insurance at standard rates or terms
SURVEY - An examination of a risk to be insured, following which the inspector completes a form giving all particulars.