SWIFT is an acronym for “Single Window International Facultative and Treaty.”
Insurance Encyclopedia
Swing bed
Bed used for acute or long-term care facilities usually located in small and rural hospitals. A patient in a swing-bed in an acute care setting may be discharged and readmitted to a swing bed and receive skilled or intermediate levels of care. A patient may remain in the swing bed while changes occur in medical care, charges, and payment.
Swing rated policies
policies of insurance or reinsurance where the initial premium is subject to variation depending upon claims experience (see also Burning cost).
Swing Rating
See: Rating- Retrospective Rating.
Switch maternity (Health Insurance)
A provision under which female employees who participate in a group health plan are only covered if their husbands are listed as dependents under the plan.
Switching investments
Most insurance companies issuing investment bonds and unitised funds offer a variety of investments linked to property, equity, managed and fixed-interest funds, and sometimes cash or gilt funds. In return for a fee most will permit the holder to switch his investment from one fund to another. As the money remains invested in the same life policy liability to tax does not arise as happens when shares are sold.
Swoop and squat
A manner of auto fraud. A driver pulls in front of the insured and slams on his brakes the insured doesn’t have time to stop and rear ends the fraudster. The fraudster may also stop suddenly in busy traffic, or at an intersection or an on-ramp. Many times the fraudster also claims to have neck and back pain, creating both a collision and injury claim against the insured.
SY
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating persons who are in close contact with members of a high-risk population (use only with codes for immunization).
Sympathetic damage
Where damaged cargo taints other cargo, the resultant loss is known as sympathetic damage. If the original damage was occasioned by an insured peril without any intervening cause then the sympathetic damage is covered by the policy. Goods liable to cause this type of damage include: hides and skins, certain cheeses, guano and carbon disulphide.
Sympathetic Damage for Damages in Transit
Damage to cargo by way of taint or the like arising from the proximity of other cargo.