Staff Underwriter
A staff underwriter is an insurance professional who works within an insurance company’s underwriting department.
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.
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.
Supplemental Medical Insurance
Supplemental medical insurance, also known as supplemental health insurance, is a type of insurance that provides additional coverage beyond what is offered by a primary health insurance plan.
Surety Bond
A surety bond is a three-party agreement that provides a financial guarantee that a specific obligation will be fulfilled.
Surrender Charges
Surrender charges are fees that may be assessed by an insurance company when a policyholder surrenders or terminates a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy, before a specified period.
Surrender Value
Surrender value is the amount of money a policyholder receives when they surrender or terminate a life insurance policy with a cash value component, such as a whole life insurance or universal life insurance policy.
Survivorship Clause
A survivorship clause, also known as a survival clause, is a provision in a life insurance policy or annuity contract that requires the beneficiary or annuitant to survive the insured or annuitant for a specific period of time in order to receive the death benefit or annuity payments.
Tabarru in Insurance
“Tabarru” is a core principle in Takaful insurance, where participants agree to donate a portion of their contributions to a common pool to help anyone in the group who suffers a covered loss.
Takaful Insurance
Takaful insurance is a type of Islamic insurance that adheres to Islamic law (Sharia) principles. It’s a cooperative system of insurance where participants contribute to a common fund that is used to cover losses suffered by members of the group.