Glossary
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Self-insurance An employer decides to retain the risk.
Share CapitalIt represents equity capital and preference capital
Sharpe MeasureIt is a variation of the Treynor measure except that it employs standard deviation, not beta, as the measure of risk.
Single Premium AnnuityAn annuity that is purchased with only one premium payment. A single premium annuity can be an immediate annuity or a deferred annuity.
Single Purchase Annuity ContractA group contract in which a single premium is applied to purchase annuities for participants in a pension plan that is terminating. Immediate annuities are purchased for current retirees in the plan, and deferred annuities are purchased for participants who have not yet reached retirement age.
Single-Premium Deferred Annuity (SPDA)A deferred annuity for which only one premium payment is made.
Single-Premium Whole Life InsuranceWhole life insurance purchased with a single, lump-sum premium.
Social insurance Insurance packages run by the Govt. aimed at social benefits to the poor segment of the population.
Soft insurance market Underwriting standards are more liberal and premiums are relatively low.
Speculative risk Gambling that creates risk.
Spouse and Children's Insurance RiderA rider that may be added to a permanent life insurance policy to provide term insurance coverage on the insured's spouse and children
Standard DeviationA measure of risk in finance
Straight deductible A stated amount is invariably deducted in case of claim.
Subjective risk Uncertainty based on the persons state of mind.
Subrogation Substitution of the insurer in place of the insured for the purpose of claiming indemnity from a negligent third party for a loss covered by insurance.
Suicide Clause In one year from the date of commencement of the policy, if cause of death is suicide; in that case, death claim is not paid.
SUM ASSUREDThe amount of insurance cover provided under the terms and conditions of a life insurance policy.
Surrender Charge(1) Expense charges sometimes imposed when a policyowner surrenders a universal life policy. (2) A charge imposed if the contract owner surrenders a deferred annuity policy within a stated number of years after it was purchased.
SURRENDER VALUEThe amount of cash that is due to an insured who surrenders a life insurance policy which has acquired a cash value. A life policy would have a cash value after 3 years of being in force.
Surrender value The present value of the paid-up value and final settlement is done.
Survivor BenefitA benefit provided by most deferred annuity policies under which the annuity's accumulated value is paid to a designated beneficiary if the annuitant or contract owner dies before annuity benefit payments begin. Also called death benefit