Lloyd’s members who seek access to syndicates where capacity is available. They submit bids to the capacity auctions stipulating, in multiples of 0.1p per pound of capacity, the price they are willing to pay. Subsequently, bids are matched against tenders to determine the capacity to be transferred and the price of the transaction.
Insurance Encyclopedia
Subscribing
Writing a line on an Insurance or a Reinsurance contract.
Subscription
The amount an underwriter accepts as his liability under an Insurance or a Reinsurance contract.
Subscription market
A market, such as Lloyd’s, where Underwriters accept shares of an insurance (or reinsurance) coverage on a co-insurance (or co-reinsurance) basis in contrast to markets where a single insurance carrier will accept the whole of the offer.
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A market where a number of underwriters are available to consider and accept insurances offered for subscription by brokers.
Subscription policy
A policy shared by two or more insurers, who each assume a portion of the risk.
Subsection
One division of the Current Procedural Terminology (CPT) code book. The book is divided into seven code sections and appendices. Within each of the main sections are subsections and categories divided according to anatomical body system, organ, or site; procedure or service; condition; and specialty.
subsequent injury fund (SIF)
A special fund that assumes all or part of the liability for benefits provided to a worker because of the combined effect of a work-related impairment and a preexisting condition.
Subsidence
A form of earth movement, excluded in most property policies.
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UK: Damage to buildings due to a movement of land on which the property is situated. Insurance against subsidence, landslip and heave is available on residential and commercial buildings either as a named peril or under accidental damage cover. The cover excludes normal land settlement, coastal erosion and damage to walls, gates and fences unless the buildings are damaged at the same time. Normally a £1,000 excess will apply.
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Subsidence is strictly a vertical downward movement but has been held to include settlement a lateral movement.
Subsidence (Property Insurance)
The shifting of the land on which the insured property is located.
Subsidiary codes
CPT code numbers for services that are not part of the primary procedure and are not performed alone. These may be listed as each additional or list-in-addition-to services. Key phrases used throughout the CPT code book to identify subsidiary codes are each additional, list in addition to , and done at time of other major procedure(s) .