A fund established by the state for the purpose of compensating a partially disabled employee who sustains another injury. The fund may pay the entire amount or a portion of the total amount. These funds exist to aid employers who hire handicapped or disabled workers.
Insurance Encyclopedia
Second loss insurance
A policy that contributes to a loss only when the loss exceeds the sum payable by a more specific insurance. See AVERAGE/TWO CONDITIONS OF AVERAGE.
****
Insurance that covers only a loss in excess of that covered by a first loss insurance.
Second opinion
Consulting physician’s evaluation and assessment of a patient’s condition to assist in determining whether a proposed elective surgical procedure recommended by the first physician is necessary. Some insurance plans mandate a second opinion before the surgery is done, and if not performed, reimbursement may be reduced or denied. A voluntary program informs the patient that a second opinion will be reimbursed by the plan. Some plans have a list of surgical procedures that require a second opinion. Also called second surgical opinion (SSO) .
Second surgical opinion (Health Insurance)
An opinion provided by another surgeon, used to determine whether the course of treatment recommended by a surgeon is valid. This is done to keep the insurer from paying for unnessecary procedures if an alternate course of treatment will have the same end result. A second opionin is required and covered by some health policies before they will cover the cost of a surgery.
second surgical opinion (SSO)
Consultation with a second physician about a proposed elective operative procedure after surgery has been recommended by a first physician.
Second Surplus Reinsurance
Reinsurance accepted by a second reinsurer in a Surplus Treaty. It is that amount which exceeds the total of the original insurer’s net retention and the full limit of the first surplus treaty.
Second surplus reinsurance (Reinsurance)
Reinsurance that a second reinsurer accepts through a surplus treaty. The amount is equal to the difference between the original reinsurer’s retention and the total limit of the first treaty.
Second surplus treaty
A supplementary treaty to a first surplus treaty. Cessions may only be made to the second surplus after the capacity of the first treaty has been satisfied.
Second-injury fund
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; also known as subsequent injury fund (SIF) .
Second-to-die life insurance
See: survivorship life insurance .