Glossary

Strike coverage is a type of specialty business interruption insurance covering loss resulting from interrupted operations caused by a labor strike.

Within the context of put and call options based on an index, the "strike price" is the price of the option that determines its value (or lack of value) at settlement.

Structural risk modeling methods are based on explicit cause and effect relationships, not simply statistical relationships such as correlations.

Structured finance involves a capital management process that typically utilizes a highly structured combination of risk transfer, risk retention, and risk financing.

A structured settlement refers to a settlement under which the plaintiff agrees to accept a stream of payments in lieu of a lump sum.

Suability factor signifies the likelihood of a legally liable insured being sued for alleged injuries or damage to a third party.

Subbroker is a second intermediary from whom a first reinsurance intermediary obtains reinsurance business to be placed.

The subcontractor exception is an exception to the "damage to your work" exclusion of the commercial general liability (CGL) policy that restores coverage when the damaged work, or the work causing the damage, was performed by the named insured's subcontractor.

Subguard is a proprietary term for a specific insurer's subcontractor default insurance policy.

Subjective symptoms are examination findings that are under the patient's control, such as pain and range of motion.