Hospital inpatient admitted for 48 hours or less, or hospital outpatient who stays 24 hours or less.
Insurance Encyclopedia
Short-tail
Insurance business where it is known that claims will generally be notified and settled quickly. Contrast with LONG-TAIL.
Short-tail (risk)
A type of insurance where claims are usually made during the term of the policy or shortly after the policy has expired. Property insurance is an example of short tail business. The opposite of short tail business is long tail business.
Short-Tailed Business
Types of insurance in which most claims are usually notified and/or settled in a short period from the date of exposure and/or occurrence.
Short-term assisted living care
See: respite care .
Short-term disability
In disability income insurance (nonoccupational accident or illness), an employee cannot perform the duties of his or her occupation for a short period of time.
Short-term disability income insurance
Insurance provision to pay benefits to a covered disabled person as long as he or she remains disabled, up to a specified period not exceeding 2 years.
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US: The provision to pay benefits to a covered disabled person as long as he/she remains disabled up to a specified period not exceeding two years.
Shortfall
Difference between the billed charge for a hospital service and the actual payment the hospital receives from a third-party payer.
Shut Out Cargo
It relates to goods which arrives too late for a vessel at a loading port or else the goods are not loaded because the vessel has a full cargo load.
Shut Out Clause
At times the whole or part of the cargo of an insured may be shot out from the vessel due to various reasons like lack of space in the vessel or suddenly the weather turning bad, forcing closure of the vessel hatches. In such cases, the cargo of the insured would be lying on the wharf, quay or pier and exposed to static risk till it is shipped on board another vessel when the normal transit risk under the policy would re-attach. Shut out clause provides coverage to the shut out cargo as per the terms and conditions of the main policy. It also extends coverage while the shut-out cargo is moved to another wharf, quay, pier or to a storage location awaiting the next vessel. This is a “held covered” provision meaning, the assured should notify the insurer about the shut out cargo as soon as he comes to know of it.