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.
Find an insurance term
Showing 19 of 43 matching terms
Terms beginning with S
-
Stacked coverage
Auto insurance - A method allowed in some states and policies that combines uninsured or underinsured motorist limits across vehicles or policies.
- Also called: stacking
-
Statute of limitations
Claims - A law establishing the time limit for bringing a lawsuit or other legal action; deadlines vary by jurisdiction and claim type.
-
Stop-loss coverage
Health insurance - Insurance that may limit a self-funded employer plan’s exposure to unusually large individual or total claims.
- Also called: medical stop-loss
-
Stop gap employers liability
Business insurance - Coverage available in certain jurisdictions for employer liability not covered by workers compensation law.
-
Sublimit
Business insurance - A lower maximum payment amount that applies to a particular coverage, claim type, property category, or expense within a larger policy limit.
- Also called: sub-limit
-
Subrogation
Claims - An insurer’s effort to recover money it paid for a loss from a party it believes was responsible.
-
Subrogation waiver
Claims - An agreement or endorsement giving up a party’s right to recover from another responsible party after a covered loss.
- Also called: waiver of subrogation
-
Suicide clause
Life insurance - A life policy provision limiting or excluding payment for suicide during an initial period specified by state law and the contract.
- Also called: suicide exclusion
-
Summary of Benefits and Coverage
Health insurance - A standardized document that summarizes a health plan’s benefits, cost sharing, limits, and coverage examples.
- Also called: SBC
-
Supplemental claim
Claims - A request for additional claim payment when covered damage or repair costs are discovered after the initial estimate.
- Also called: claim supplement
-
Supplemental life insurance
Life insurance - Additional life insurance that may be offered through an employer or purchased separately from a base policy.
- Also called: voluntary life insurance
-
Supply chain interruption coverage
Business insurance - Coverage addressing defined income loss caused by disruption to a supplier, customer, or dependent property.
-
Surety bond
Business insurance - A three-party agreement guaranteeing that a principal will meet specified obligations to an obligee.
- Also called: commercial surety
-
Surplus lines insurance
General insurance - Coverage placed with an eligible non-admitted insurer when the risk cannot be insured in the standard admitted market under applicable rules.
- Also called: excess and surplus lines, E&S insurance
-
Surrender charge
Life insurance - A fee that may reduce the amount received when certain life insurance or annuity contracts are ended early.
- Also called: surrender fee
-
Survivorship life insurance
Life insurance - Life insurance covering two people that generally pays after the second insured person dies.
- Also called: second-to-die insurance
-
Sworn statement in proof of loss
Claims - A policyholder declaration, made under oath where required, supporting the facts and amount of a claim.
-
Systematic withdrawal program
Life insurance - An annuity withdrawal arrangement that pays selected amounts at regular intervals without necessarily annuitizing the contract.