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.
Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc.  All rights reserved.
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