Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Seaman insurance, also known as marine crew insurance or seafarer insurance, is a specialized type of insurance that provides coverage for injuries, illnesses, and other risks faced by seafarers or crew members working on ships or other vessels.
A secondary injury refers to a new injury, medical condition, or complication that develops as a direct consequence of a primary work-related injury. It is recognized as part of the U.S. Workers’ Compensation (WC) system and is compensable when it can be medically linked to the original workplace injury. Secondary injuries may result from overuse of unaffected body parts, altered movement patterns, surgical complications, or the natural progression of the primary injury.
Self-insurance is a risk management method where an individual or business chooses to set aside funds to cover potential losses instead of purchasing a traditional insurance policy.
Self-insured retention (SIR) is a specific dollar amount of loss that the insured is responsible for paying before the insurance company begins to cover the remaining costs.
A short-rate cancellation occurs when an insurance policy is canceled by the policyholder before its expiration date.
In the context of personal auto insurance in the USA, a single limit refers to a type of liability coverage that combines bodily injury and property damage liability into one overall limit.
A single policy, in the context of marine transit insurance, is an insurance policy that provides coverage for a single, specific shipment of goods.
Spoilage coverage is a type of insurance that protects businesses from financial losses due to the spoilage of perishable goods.
In marine insurance, SRCC risks refer to the risks of loss or damage to ships or cargo caused by strikes, riots, civil commotions, and other political or social unrest.
A Statement of No Loss (sometimes called a “No Loss Letter” or “Confirmation of No Claims”) is a document from an insurance company that confirms no claims were made on a policy during a specific time.
In the insurance industry, a submission refers to the process of presenting an insurance application or proposal to an underwriter for consideration.
The right of an insurance company to recover the amount it has paid for a loss from the party who is legally liable for causing the loss.
