A fire insurance, such as that on a private dwelling, that is not complex.
Insurance Encyclopedia
Simplified defined contribution scheme (SDCS]
Money purchase scheme with additional limitations, e.g. lump sum not to exceed twice final remuneration. IR no longer considers applications for SDCSS but existing schemes continue.
simplified employee pension (SEP)
See: Section 408(k) of the Internal Revenue Code .
Simplified employee pension plan (Pensions)
Sometimes referred to as a SEP. A type of pension plan in which the employer contributes toward an employee’s IRA.
Simultaneous death act
State law that if the insured and beneficiary of a life insurance policy both die and determination of who died first cannot be made, then the insured is presumed to be the primary beneficiary unless there is an insurance clause stating otherwise.
Simultaneous Ignition
Ignition of a fire at many points at once. It is used in broadcast burning or backfiring to obtain a quick, hot, clean burn.
Simultaneous payments clause
A reinsurance clause binding the reinsurer to pay a claim simultaneously with the direct insurer’s payment to the original insured.
Sine qua non rule
A legal rule stating that a person’s conduct cannot be held to be the cause of a loss if the loss would have occurred anyway.
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This rule says that a person’s conduct is not held to be the cause of a loss if the loss would have occurred anyway.
Sine qua non rule (Liability Insurance)
A rule that states that a person cannot be held liable for a loss caused by his or her behavior if the loss would have occurred regardless.
Single article limit
A limit the maximum an insurer will pay in respect of any one article which has been insured under a general description, e.g. personal possessions/belongings. A collective sum insured may not fully reflect the aggregate of the values at risk. The single article limit encourages the insured to insure high value items separately for appropriate amounts.