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S. S2 Sa Sb Sc Sd Se Sf Sg Sh Si Sj Sk Sl Sm Sn So Sp Sq Sr Ss St Su Sv Sw Sy

Slip agreement

An addition to the slip, expressing the underwriter’s agreement to an issue agreed by the underwriter after his initial acceptance.
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An agreement expressed by an underwriter on a broker’s slip at a date subsequent to the original acceptance of the risk.

Slip creation guidelines

Best practice guidelines enabling brokers and underwriters to develop their own pro-formas to ensure the slip contains clear and complete information relating to the risk, its administration and procedures for agreement of claims and endorsements. They ensure clarity of contract terms and responsibilities.

Slip leader

The insurer on the placing slip identified as leader. Under LMP 2001, the slip leader has responsibility for coordinating contract and claims management and administration.

Slip Policy

A signed slip that has been adapted to serve a Policy in place of a formal Policy document.
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UK: A signed slip that has been adapted to serve as a policy in place of a formal document where either the insured or reinsured does not require one.
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A signed slip which is agreed to be a policy where the insured or the reassured does not require a separate policy.

Slip System

The face-to-face system used within the London Market to co-insure risks. Proposed are described by a broker on a standard form (slip); terms and premium rate are added after negotiation with a lead underwriter (who also signs for a certain proportion of the risk), before the slip is circulated by the broker amongst other underwriters who sign the slip to confirm the proportion of risk that they will accept.

Slow accident

A latent gradually progressive disease (e.g. asbestosis). The term accident is used as the ‘fortuity’ is in the outcome rather than the cause which is often exposure on a continuing basis to harmful work conditions. Pollution damage caused gradually over time by seepage is also regarded as a ‘slow accident’. See LOSSES-OCCURRING; TRIPLE TRIGGER THEORY; INJURY IN RESIDENCE.

SM

HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating second surgical opinion.