Salvage: Property taken over by an insurance company to reduce its loss.
Schedule: (1) A list of specified amounts payable for, usually, surgical procedures, dismemberments, ancillary expenses or the like in Health Insurance policies; (2) The list of individual items covered under one policy as the various buildings or animals and other property in property insurance.
Security: The Underwriters subscribing a risk. The Insurers.
Statutory Limits: The minimum limit of liability required by law to be carried.
Stop Loss: (1) Any provision in a policy designed to cut off the insurance company's loss at a given point. Aggregate benefits and maximum benefits are an example; (2) A type of reinsurance designed to transfer the loss from the ceding company to the reinsurer at a given point.
Subrogation: The legal process by which an insurance company seeks from a third party who may have caused the loss, recovery of the amount paid to the insured.
Subrogation Waiver: A waiver by the named insured giving up any right of recovery against another party. Normally an insurance policy requires that subrogation (recovery) rights be preserved.
Surety: (1) A term loosely used to describe the business or suretyship or bonds. Suretyship is an arrangement whereby one party becomes answerable to a third party for the acts of neglect of a second party; (2) The party in a surety arrangement who holds himself responsible to one person for the acts of another.
Surety Bond: A bond in which the surety agrees to answer to the obligee for the non-performance of the principal (known as the obligor).
The above information is for general informational purposes only and is not to be construed as a recommendation or advice in any way shape or form.