Glossary

Specific rating is an Insurance Services Office, Inc. (ISO), property insurance rating method based on rates applicable only to individual properties, determined by physical inspection of the property.

Specified causes of loss coverage is a type of auto physical damage coverage that is an alternative to comprehensive coverage.

In Internal Revenue Service parlance (specifically, Internal Revenue Code of 1986, Section 831(b)), with respect to an insurance company, any individual who is a spouse or lineal descendant (including by adoption) of an individual who holds an interest, directly or indirectly, in the specified assets with respect to the insurance company.

Specified perils coverage is an obsolete auto physical damage term.

Speculative risk refers to uncertainty about an event under consideration that could produce either a profit or a loss, such as a business venture or a gambling transaction.

Speed to market is the difference between the time it takes for an insurer to file a newly developed product with insurance regulators and the time when the product can be offered in the marketplace.

Spent fuel is the fuel bundles that can no longer sustain fission in a nuclear reaction.

Split dollar plans are a form of life insurance co-ownership that allows one party, often the employer, to help another person carry life insurance protection.

Many auto insurance policies use the split limits approach, which combines the per person and the per occurrence to display the automobile liability limits that apply to an accident.

A sponsor is a legal entity that contributes statutory capital to form a sponsored or association captive.