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S Salvage
The remaining value of property after severe damage by fire or other peril. The overall loss is reduced by the salvage value. Undamaged property may be quite saleable and some property may be partially damaged, thus repairable and then saleable.
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.
Self-insurer
A person, corporation or organization which assumes all or part of a risk itself rather than use an insurer, government departments often self-insure.
Settlement
An agreement between concerned parties. In insurance, the agreement is usually on the money changing hands to discharge an insurance claim.
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.
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 Multi-Peril Policy
This basic policy contains declarations, general provisions and definitions applicable to the four principal sections of coverage; property, liability, comprehensive crime, boiler and machinery. The particular coverage requirements for each are handled by separate forms attached to the basic contract.
Spontaneous Combustion
Self-ignition of combustible material through chemical action of its parts.
Sprinklered Risk
Property protected against fire by a system of overhead pipes with regularly spaced heads designed to melt at the heat of a fire, thus releasing water for extinguishment.
Statement of Claim
A written statement by a plaintiff detailing the facts which support the claim against the defendant and the relief sought.
Statement of Values
The information required when a single rate is to cover more than one item or building. To determine a correct average, the rating bureau requires the policyholder to give the value of each separate risk and its contents.
Statute
An act of the legislature. Common law is made up of the various court decisions over the years. Case law may be altered by statute.
Statutory Conditions
Special prescribed and standardized conditions that the Provincial Insurance Acts require to be included in fire, automobile and accident and sickness policies.
Stock
Merchandise for sale or manufacture, as distinguished from furnishings, fixtures or equipment.
Storage
A term applied to articles or substances held for safekeeping. If storing of such articles is prohibited by a policy, the policy will be voided if loss consequently occurs, unless the company's permission and consent has been specially granted.
Subcontractor
A trade contractor such as a roofer who usually subcontracts with a general contractor.
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.
Suit
A legal proceeding brought by one person against another.
Sum Insured
The amount for which insurance is effected and the one on which the premium is based. Often in life insurance, the term is "sum assured."
Surrender
Cancellation of a policy before its normal expiry by mutual consent of insured and insurer.
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