Glossary

A surplus line refers to risks placed with nonadmitted insurers.

A surplus lines broker is a broker who is licensed to place coverage with nonadmitted insurers (insurers not licensed to do business in a given state).

Surplus lines insurance refers to coverage lines that need not be filed with state insurance departments as a condition of being able to offer coverage.

Surplus notes describe the evidence of a loan to a captive to get additional capital into the captive.

Surplus reinsurance refers to reinsurance of amounts that exceed a ceding company's retention.

Surplus relief involves the insurer's purchasing of reinsurance to offset unusual drains against the insurer's surplus.

Surplus share is a form of pro rata reinsurance in which the primary insurer cedes only the "surplus" liability above a specified retention.

Surrender involves withdrawing full cash value and surrendering a policy to the life insurance company.

A survey is shortened terminology describing an insurance inspector's or surveyor's study of a risk used for underwriting purposes.

A survival action is a claim made by the estate of the decedent in conjunction with a wrongful death claim, alleging damages sustained by the decedent between the time of injury until their actual death.