Long-term care facility units with services specifically for persons with Alzheimer’s disease, dementia, head injuries, or other disorders. Also see intensive care unit (ICU) .
Insurance Encyclopedia
Special circumstances clause
Business interruption policy clause whereby a claims adjustment may take account of the trend of the business, variations or other special circumstances. The aim is to produce a figure representing, as nearly as possible, the results that would have been achieved but for the interruption. The clause is also called the ‘exceptional circumstances clause’ or ‘bracketed provisions’
Special Condition of Average
Application of pro-rata average modified. Under Insurance to the extent of 15% will be ignored. This is applicable in respect of Fire Policy ‘A’ & ‘B.’ However, in case the percentage of under Insurance exceeds 15% then the entire percentage of under Insurance would be taken into account for the purpose of loss settlement.
Special contributions
Extra payments by an employer into an occupational pension scheme for a period not exceeding three years or as a single premium. This may purchase new benefits or cover an actuarial deficiency. Compare with ordinary contributions.
Special Coverage Form
Any of the commercial or personal lines property insurance which provide coverage on an all-risk type basis. This type of insurance provide the broadest coverage and do not list covered perils, but do include a l list of exclusions.
Special coverage form (Property Insurance)
A classification given to any of the property forms, be they personal or commercial, which covers all risks. These forms offer broad coverage but have many exclusions.
Special Damages
Amount awarded in litigation to compensate for specific identifiable economic loss.
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Special damages include such items as medical expense, cost to repair or replace damaged property and loss of earnings. General damages represent an amount to compensate for intangible loss claimed by the injured party such as pain and suffering, mental anguish and bereavement. These Special Damages are usually computed up to the date of settlement of judgment.
Special Declaration Policy
This Policy is introduced by the All India Marine Cargo Tariff. It can be issued to the insured having minimum annual estimated despatches i.e., annual turnover of at least Rs. 2 Crores for the individual Company concerned. There is prohibition on issue of this Policy to transport operator/contractors, clearing, forwarding and commission Agents or freight forwarders either in their own name or jointly with the owners of the goods, except on goods owned by them. The Policy is not assignable or transferable, and shall be issued for a period of 12 months. Marine Tariff and SDP Policy is no longer in use.
Special drawing rights (SDRs)
An international reserve asset that measures and compares the changing value of international currencies. An SDR is expressed daily by reference to a basket of currencies and is used in international conventions (e.g. Warsaw Convention) and conditions of contract as a measure of value or limit of liability.
Special election period
Time in which an individual is given a special election period to change Medicare+Choice plans or return to Original Medicare in certain situations. Situations in which this occurs include (1) when a person makes a permanent move outside the service area, (2) when the Medicare+Choice organization breaks its contract with the insured or does not renew its contract with the Centers for Medicare and Medicaid Services (CMS), or (3) when other exceptional conditions determined by CMS apply. The special election period is different from the special enrollment period (SEP). See election period .