Glossary

Special mobile equipment is a statutory term used in more than half the states that is generally defined to be construction vehicles that are not designed or used primarily for the transportation of persons or property but that are incidentally operated or moved over public roads.

A special mortality table refers to a mortality table developed for purchasers of annuities that reflects the fact that people who purchase annuities have a longer life expectancy than the population as a whole.

Special perils is property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded.

A special personal auto policy that provides limited auto coverage, particularly for nonowned auto and permissive use situations.

A special purpose vehicle is a company created by (but not owned by) an insurer or reinsurer for the sole purpose of issuing debt (usually in the form of a catastrophe bond).

Special risks denotes those accounts whose premium size, unique exposures, or other characteristics are such that they require specialized handling by an underwriting operation specifically set up for that purpose.

Special waiver refers to operations conducted under a special permit or waiver required by the Federal Aviation Administration.

Specifications is a broad term to describe a detailed summary of desired attributes for a product or service being sought. Insurance specifications, for example, provide a detailed description of the coverage types, amounts, and policy provisions submitted to an insurer to use in preparing a proposal.

Specific excess insurance provides coverage once claims arising out of a single occurrence exceed the retention specified in the policy declarations.

The specific loss limit is the amount of risk retained by an insured or an insurer on a per occurrence basis.