Group annuity agreement where one premium is used to purchase for the participants in a retirement plan that is terminating (i.e., immediate annuities for current retirees and deferred annuities for those who are not yet of retirement age).
Insurance Encyclopedia
Singleton Policy
A combined company policy form issued on behalf of a single insurer.
Sinkhole collapse (Property Insurance)
A peril caused by earth movement that consists of a sudden collapse of land into an empty space under the ground. This peril may be covered by a commercial property form.
Sinkhole peril
Risk of loss by collapse of a sinkhole.
Sinking
To be “sunk” the vessel must have been effectively sunk. If she could have been further immersed, she is not “sunk.”
Sinking Fund Policy
See: “Capital Redemption Policy.”
SIR
See: “Self-insured retention.”
Sister ship Clause Liability
Liability Insurance exclusion which denies coverage for the withdrawal or recall of potentially defective product from the market.
Sister ship Exclusion
A Product Insurance Exclusion which denies coverage for the withdrawal and recall of products from the market.
Sister ship Liability
Loss of property or income which occurs when an owner or user of a product decides not to use, or is legally forbidden from using the product.