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S

A small business corporation restricted to no more than 100 stockholders that elects to be taxed under Subchapter S of the Internal Revenue Code. A Subchapter S corporation provides limited liability to its owners and tax treatment similar to that of a partnership. Profits, losses, and other tax items are passed through to the shareholders and are taxable to them on their individual returns.
A structure formed by the fusion of five small sacral vertebrae and located below the lumbar vertebrae and above the coccyx.
A movable device in which to store valuables.
The unlawful taking of property from within a locked safe or vault by a person unlawfully entering the safe or vault as evidenced by marks of forcible entry upon its exterior; includes the unlawful taking of the entire safe or vault from inside the premise
Plan that allows for lower basic premiums for accident-free driving records and a surcharge for accidents.
Easing or elimination of compliance in exchange for a commensurate good-faith effort.
A clause in a charter party that requires the charterer to select a port or berth that will allow the chartered vessel to lie "safely afloat" at all times; breach of the condition makes the charterer liable for resulting damage to the vessel.
A rating measurement used by the National Weather Service that classifies hurricane-force winds into five categories on the basis of maximum sustained wind speed and storm surge of tidal waters.
A nonqualified plan under which executives may defer compensation until termination of employment to reduce current income tax liability and save for retirement.
A transaction through which an organization that owns property transfers its risk by selling the property while retaining the right to occupy or use it under a lease with the new owner.
A percentage of the premium that the insurer pays to the agency or producer for new policies sold or existing policies renewed.
A purpose-of-use category that refers to dealers and brokers who demonstrate planes to potential buyers for no charge other than expense reimbursement.
Finance companies specializing in loans to customers of a particular retailer or manufacturer.
A way to achieve the producer’s goal.
The elements necessary to the sale of any product: (1) product knowledge, (2) market knowledge, and (3) selling skills.
The value of what would have been produced if a manufacturing plant had continued its normal operations.
The service rendered by those who rescue a ship or cargo from peril and restore it to its rightful owners.
The recovery that the surety seeks through indemnification of the principal and any other indemnitors after paying a claim.
The process by which an insurer takes possession of damaged property for which it has paid a total loss and recovers a portion of the loss payment by selling the damaged property.
The insurer's rights to recover and sell or otherwise dispose of insured property on which the insurer has paid a total loss or a constructive total loss.
Specialized fire service personnel who are trained to minimize property damage caused by water used to suppress a fire.
An amount an insurer can recover by disposing of insured property for which the insurer paid a total loss.
The residual value of the original investment at the end of its useful life.
An amount that an insurer can recover by selling or otherwise disposing of insured property for which the insurer has paid a total loss or a constructive total loss.
Specialists who separate damaged merchandise from undamaged merchandise, prepare inventories of damaged and destroyed property, and establish values of damaged or destroyed business property.
An enforcement provision that enables U.S. Customs to refuse bonds from a surety and request that the Treasury Department remove the surety from the U.S. Treasury List (Circular 570).
A federal statutory law governing corporate directors in the areas of investor protection, internal controls, and penalties, both civil and criminal.
The practice of not consuming all income.
A plan that a small business with fewer than 100 employees can establish to allow its sole proprietors, partners, and employees to save for retirement on a tax-deferred basis.
A graph that shows the relationship between two variables or groups of paired variables.
An analysis that involves brainstorming the worst conceivable set of events that could befall a system, projecting the consequences of those events, and suggesting ways in which those events could be prevented.
A form of bond that guarantees the honesty or faithful performance of duty for all officeholders or employees listed by name or by the position held.
A form of bond that includes a rider listing each bonded flight.
The NAIC Annual Statement Schedule that shows specific information about ceded and assumed reinsurance, as well as portfolio transfers.
The NAIC Annual Statement Schedule that shows detailed historical information on paid and reserved losses and LAE.
A rating plan that awards debits and credits based on specific categories, such as the care and condition of the premises or the training and selection of employees, to modify the final premium to reflect factors that the class rate does not include.
A rating plan that awards debits and credits based on specific categories, such as the care and condition of the premises or the training and selection of employees, to modify the final premium to reflect factors that the class rate does not include.
A rating plan that awards debits and credits based on specific categories, such as the care and condition of the premises or the training and selection of employees, to modify the final premium to reflect factors that the class rate does not include.
Personal property specifically listed on a homeowner’s policy that is typically covered against a broader range of perils, for a wider geographic scope, and/or at an agreed value.
A basis for insuring each item of insured property by individually describing them in the policy declarations or schedule and assigning a coverage limit to each listed item.
Insurance for property specifically listed (scheduled) on a policy, with a limit of liability for each item.
Injury to a specific body part for which a state law specifies the number of weeks of workers compensation benefits to be paid for the body part’s total loss or total loss of use.
A serious mental condition characterized by an inability to recognize or respond to external reality; instead, the patient creates and responds to a separate psychological reality.
Pain along the nerve in the back of the thigh and leg.
The element of a catastrophe model that simulates a catastrophic event.
The technological feasibility of producing a safer product based on existing scientific knowledge.
A lateral curvature of the spine.
A list of the areas damaged that includes the type of damage, a description of the proposed action to take regarding the damaged property (such as repair, replace, remove, or demolish), and the area's measurements.
A project management phenomenon that occurs when unplanned activities are added or existing activities are increased, resulting in a project that exceeds its original budget or time schedule.
A clarifying project document that details the objectives to be accomplished, products or deliverables, potential costs and gains, and success measurements.
An NCCI publication designed as an aid to understanding and assigning workers' compensation classifications.
A scoring tool that lists the criteria for a task or performance-based activity and defines the degrees of quality for each criterion, from excellent to poor.
An output that is not received and used by an identifiable individual.
In computing, the cleansing of data to remove errors and provide accuracy and consistency.
A technique of paying for the use or placement of advertising copy on an Internet search engine.
A provision commonly included in businessowners policies that addresses fluctuating personal property values by automatically increasing the amount of insurance.
No-fault type of passenger coverage; no release is required for benefits to be paid.
The defense against claimant’s allegation of injury based on the premise that the claimant was liable for his or her own injuries for failing to wear a seat belt.
A state-controlled fund that contributes compensation for workers who have preexisting conditions and who suffer work-related second "injuries."
The obligation to pay a negotiable instrument only if someone else refuses to pay or to accept the instrument.
A mechanism for investors to buy and sell previously issued securities.
A general partner who is active in a business but who is not known to the public.
The corporate officer in charge of the company’s official records.
A qualified retirement plan that meets the rules set forth in Section 401(k) of the IRC; participants may choose to contribute to the plan with before-tax dollars.
A tax-favored retirement plan for employees of certain nonprofit organizations and public school systems.
A tax-deferred, defined-contribution retirement plan for employees of local, state, and federal governments and agencies, and of not-for-profit organizations, such as certain public schools and county hospitals; contributions are made through voluntary payroll deduction.
A captive insurer that has elected, subject to certain restrictions, to exclude its premium income from federal income taxes under Section 831(b) of the United States Internal Revenue Code.
A debt instrument that is secured by specific assets and has priority over the funds received in the liquidation of those assets.
A creditor who has a right to reclaim property for which a loan was extended.
An insurance policy that protects a lender’s security interest in property having environmental loss exposures that are not severe enough to require true EIL insurance.
A loan that has assets as collateral.
A business arrangement in which a buyer or borrower gives collateral to the seller or lender to guarantee payment of an obligation.
Written instruments representing either money or other property, such as stocks and bonds.
United States federal agency responsible for enforcing federal securities laws and providing overall regulation of the securities industry.
The process of creating a marketable investment security based on a financial transaction’s expected cash flows.
The use of securities or financial instruments (for example, stocks, bonds, commodities, financial futures) to finance an insurer's exposure to catastrophic loss.
A payment required by a landlord from a tenant at the inception of a lease that the landlord can retain for default in payment or damage to the property.
An interest in property (real or personal) that allows the property to be sold on default to satisfy the debt for which the security interest was given.
The relationship between expected return and beta.
A security-type law with an additional provision stipulating that any motorist found at fault for an accident is required to show proof that he or she will be financially responsible in the event of future accidents.
A law requiring any motorist involved in an accident resulting in bodily injury of any amount or in property damage over a specified amount to post security (show proof of ability to pay at least a minimum amount for injury or damage).
An initial approximation of the proposed base rate, which may be selected as the current base rate. The proposed base rate is derived from the seed base rate using algebra.
Insurance covering an offshore oil facility against liability for pollution damage, cleanup costs, and costs incurred in preventing further pollution.
An analytical technique in which data is divided into categories.
A type of rent-a-captive facility in which the accounts (assets and liabilities) of each insured are kept separately in a cell and in which the insured may own nonvoting preferred shares. Also known as a protected cell captive.
A risk control technique that separates or duplicates an organization’s activities or property so that no single cause of loss can simultaneously affect all the organization’s activities or property.
Processes that ensure that no one individual has the physical and system access to control all phases (authorization, custody, and record keeping) of a business process or transaction.
Separating or duplicating activities and property so that no single peril causes the loss of all activities and property.
Financial data provided in a convenient format to highlight certain significant trends in the company’s financial condition and results of operations.
The tendency to understand only those signals that are consistent with a person's past experiences.
A pricing approach in which the underwriter bases the hull premium for a fleet on an average of the actual loss costs for the fleet for the past five years (or a similar time period).
An excess liability policy that is subject to its own provisions only and does not depend on the provisions of the underlying policies for determining the scope of its coverage.
A single document that contains all the agreements between the insured and the insurer and that forms a complete insurance policy.
A form of retention under which an organization records its losses and maintains a formal system to pay for them.
An arrangement in which an organization pays for its losses with its own resources rather than by purchasing insurance.
A group of employers in the same industry that jointly (as a whole) and severally (individually) guarantee payment of workers compensation benefits to the employees of the group's members. A not-for-profit association or corporation is typically formed to which they pay premiums for self-insurance purposes.
A reinsurance treaty clause that extends the treaty to include policies issued by the primary insurer that provide coverage for its own loss exposures.
An amount specified in an insurance policy that the insured must pay before the insurer will make a payment for a claim.
A dollar amount specified in an insurance policy that the insured must pay before the insurer will make any payment for a claim.
An amount that is deducted from claims that are payable under an umbrella liability policy and that are not covered at all by any primary policy.

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