Self-Insured Retention (SIR)
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.
Insurance Glossary
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.
Short-rate Cancellation
A short-rate cancellation occurs when an insurance policy is canceled by the policyholder before its expiration date.
Single Limit (Personal Auto-USA)
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.
Single Policy (Marine Transit Insurance)
A single policy, in the context of marine transit insurance, is an insurance policy that provides coverage for a single, specific shipment of goods.
Speculative Risk
Speculative risk is a type of risk that involves the possibility of both loss and gain.
Spoilage Coverage
Spoilage coverage is a type of insurance that protects businesses from financial losses due to the spoilage of perishable goods.
SRCC Risks – Marine Insurance
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.
Staff Underwriter
A staff underwriter is an insurance professional who works within an insurance company’s underwriting department.
Statement of No Loss
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.
Stock Insurance Companies
Stock insurance companies are insurance companies that are owned by stockholders or shareholders.
Submission
In the insurance industry, a submission refers to the process of presenting an insurance application or proposal to an underwriter for consideration.
Subrogation
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.