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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

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SALVAGE

The remaining value of property after severe damage by fire or other peril. The overall loss is reduced by the salvage value. Damaged property may be quite saleable and some property may be partially damaged, but repairable and then saleable.

SETTLEMENT

Usually, a policy benefit or claim payment. It connotes an agreement between both parties to the policy contract as to the amount and method of payment.

SHARE

Represents one unit of ownership in a corporation.

SHORT CORD

Unit of measurement not recognized in Canada for the sale of woodheat.

SHORT RATE CANCELLATION

The cancellation by the insured of a policy before its intended expiration. The insurance company pays a return premium that is less than the amount that actually remains unearned. In this way the policyholder has paid a penalty for a mid-term cancellation.

SLOW COMBUSTION STOVE

Means of heating a dwelling. Sometimes referred to as Slow burning stove or simply Stove.

SPECIAL CONDITIONS

Specific criteria of a policy applicable to the specific situation or needs of the insured and that determine, as the case may be, the purpose of the insurance, the coverage conditions, and the premium payable. Also known as Particular conditions, Particulars, Schedule.

SPECIFIC INSURANCE

Refers to a policy covering items that are individually or specifically described.

SPECIFIED PERILS

An optional coverage designed to provide basic protection for your vehicle for loss or damage resulting from incidents specifically stated in your policy. A few examples of the types of losses insured under named perils coverage include fire, lightning, theft, explosion, earthquake, windstorm and hail. This coverage is optional and may be purchased in addition to the mandatory coverages required by law, and it is subject to a deductible.

STANDARD CONDITIONS

Conditions valid for all insured who own the same type of policy; basic conditions applicable to an insurance policy.

STANDARD DEVIATION

A statistical measure of the dispersion or spread of returns of an asset over a period of time. A higher standard deviation indicates higher volatility (risk) because actual returns vary over a larger range than assets with lower standard deviations.

STARTER KILL

Device that prevents a vehicle engine from being started.

STATEMENT OF CLAIM

A written statement by a plaintiff detailing the facts that support the claim against the defendant and the compensation sought.

STORAGE

Safekeeping of property in a warehouse.

SUBROGATION

Process by which an insurance company pursues rights or recovery against a third party responsible for insured loss or damage after it has paid for the said loss.

SUBSIDIARY COVERAGE

Coverage consisting of accessory elements that support other, more important elements.

SURCHARGE

Increase in premium amount according to perils.

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