Glossary

Settlement programs are operated by various government agencies, such as the US Internal Revenue Service and the US Department of Labor, for the purpose of resolving disputes without resorting to litigation.

Settlor coverage is a type of coverage afforded by some fiduciary liability insurance policies, although only by endorsement, rather than within the terms of standard policy forms.

Severability of exclusions is a term stating that although an exclusion applies to one or more insured(s) under a policy, the exclusion does not necessarily apply and preclude coverage for the other insureds.

A severability of interests clause is a policy provision clarifying that, except with respect to the coverage limits, insurance applies to each insured as though a separate policy were issued to each. Thus, a policy containing such a clause will cover a claim made by one insured against another insured.

Several liability refers to liability that may be assigned or apportioned separately to each of a number of liable parties.

Severance pay is the sum of money that is paid to an employee at the time the employee is terminated or laid off.

Severance pay exception wording refers to an exception to the standard severance pay exclusion found within an employment practices liability insurance (EPLI) policy that otherwise precludes and thus covers severance payments when an employee is terminated.

Severity refers to the amount of damage that is (or that may be) inflicted by a loss or catastrophe.

The sexual abuse exclusion precludes coverage for claims alleging sexual abuse.

Sexual harassment is conduct involving unwelcome sexual advances, requests for sexual favors, and verbal, visual, or physical conduct of a sexual nature.