Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
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Showing 24 of 43 matching terms
Terms beginning with S
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Salvage
Claims - Damaged property an insurer or owner may retain, sell, or dispose of after a total-loss settlement.
- Also called: salvage value
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Salvage title
Auto insurance - A vehicle title designation generally used after a vehicle has been declared a total loss or suffered qualifying damage under state rules.
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Scheduled equipment coverage
Business insurance - Coverage that separately lists specified equipment and its insured value.
- Also called: equipment schedule
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Scheduled personal property
Home insurance - An endorsement that separately lists valuable belongings and may provide broader or higher coverage for them.
- Also called: scheduled property, personal articles floater
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Scope of loss
Claims - A detailed description of damaged property and the work or costs considered necessary to repair or replace it.
- Also called: damage scope
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Self-funded health plan
Health insurance - An employer health plan in which the employer pays eligible claims from its own funds, usually with administrative support.
- Also called: self-insured health plan
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Self-insurance
Business insurance - A risk-financing approach in which a person or business retains funds and responsibility for some losses instead of transferring all risk to an insurer.
- Also called: self-funded risk
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Self-insured retention
Business insurance - An amount the insured must pay on certain claims before an excess or liability policy begins paying.
- Also called: SIR, retained limit
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Separation of insureds
Business insurance - A liability policy provision applying coverage separately to each insured when evaluating a claim, subject to shared limits.
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Service line coverage
Home insurance - Optional coverage for certain damage to underground utility lines connecting a home to public services.
- Also called: utility line coverage
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Settlement
Claims - An agreement or payment that resolves all or part of an insurance claim.
- Also called: claim settlement
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Settlement option
Life insurance - A method for paying life insurance proceeds, such as a lump sum, installments, interest income, or life income.
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Short-rate cancellation
General insurance - A cancellation method that retains more premium than pro rata cancellation to reflect early policy termination by the insured.
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Short-term health insurance
Health insurance - Temporary medical coverage that is generally not subject to all Affordable Care Act individual-market protections.
- Also called: short-term limited-duration insurance, STLDI
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Sinkhole coverage
Home insurance - Coverage for qualifying sinkhole-related property damage when included by policy terms or required by applicable state law.
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Special enrollment period
Health insurance - A limited opportunity to enroll in or change certain health coverage after a qualifying life event or other allowed circumstance.
- Also called: SEP
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Special limits
Home insurance - Lower coverage limits a policy may apply to particular categories of personal property, such as jewelry, cash, or collectibles.
- Also called: special sublimits
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Special limits of liability
Auto insurance - Lower sublimits in a homeowners policy for certain property categories, such as jewelry, money, or firearms.
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Specialty drug
Health insurance - A prescription drug that may require special handling, monitoring, or administration and is often placed on a separate formulary tier.
- Also called: specialty medication
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Spendthrift clause
Life insurance - A settlement provision restricting a beneficiary’s ability to assign or pledge future policy proceeds.
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Split limits
Auto insurance - Separate liability limits for bodily injury per person, bodily injury per accident, and property damage.
- Also called: split limit policy
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SR-22
Auto insurance - A certificate an insurer files with a state to show that a driver maintains required liability coverage.
- Also called: certificate of financial responsibility
Social engineering fraud coverage
Business insurance