Method that uses an insurance company’s salaried employees to sell and service insurance policies. They may work independently or with other sales agents.
Insurance Encyclopedia
Salaried sales representatives
See: salaried sales agents.
Salary continuation plan
Type of sick leave plan that allows employees to receive 100% of their salary for a specific number of days if they become ill or disabled. The number of days may increase as the worker’s length of service increases. Also called sick leave plan.
Salary grade scheme
A career average scheme under which the member’s benefits earned each year depend on an earnings range rather than an exact amount. All persons in the band receive the same benefit.
Salary reduction plan
Employer-sponsored retirement savings program in which the employee invests pretax dollars that may be matched by the employer. Also referred to as Section 401(k) plan.
Salary sacrifice scheme
Pension arrangement in writing under which the employee agrees with the employer to forgo part of his earnings in return for a corresponding contribution by the employer to the scheme.
Salary savings insurance (Life Insurance)
An insurance policy paid for by payroll deductions, which an employer deducts from the insured employee’s paycheck and sends directly to the insurer.
Sale of Goods Act 1979
As amended by the Sale of Goods Act 1994, the Act implies, inter alia, in contracts for the sale of goods by a business, that the seller promises that the goods will of satisfactory quality, will be as described and will be fit for purpose. The seller as a trader will be liable for any breach that causes injury but may have recourse against his supplier. The Unfair Contract Terms Act 1977 restricts the exclusion or limitation of liability in relation to these terms depending on whether it is a consumer sale or a non-consumer sale.
Sales Ex-works
It is a type of sale where buyer bears all the risk from factory gate to his own place.
Sales Turnover Policy (STOP) for Marine Cargo
A single policy covering all different transits of an insured. Estimated values for each of the transits are obtained and a rate of premium worked out by insurer for each transit. The total premium arrived at thus is divided by the estimated sales figures (sales + domestic sales) to arrive at the policy rate in a reverse manner. Client is expected to declare only the audited/certified sales figures every month/every quarter. Intermediate storage cover (on names perils and specified duration basis) can be considered.