One of four periods during which an individual can enroll in Medicare Part A. SEP is for people who did not take Medicare Part A during their initial enrollment period (IEP) because they currently work and have group health plan coverage through their employer or union. He or she can sign up for Medicare Part A at any time they are covered under the group health plan based on current employment. If the employment or group health coverage ends, the individual has 8 months to sign up. The 8 months start the month after the employment ends or the group health coverage ends, whichever comes first. See also initial enrollment period (IEP), general enrollment period (GEP), and transfer enrollment period (TEP).
Insurance Encyclopedia
Special form
In contrast to the named perils forms in property insurance, those forms that list specific perils for coverage, the special form contract covers simply risk of direct physical loss, relying on exclusions to limit and define the protection intended. See Open perils.
Special Hazard
A risk of more than average size, duration of danger.
Special Investigative Unit (SIU)
A department in an insurance company or insurance department dedicated to investigating insurance fraud.
Special multi peril (SMP) (Liability Insurance)
A type of policy mostly replaced by modern commercial forms. This policy eliminated the need for several contracts by combining their coverages into one policy. The policy could be changed to meet the needs of each insured, but liability and property coverage was a required part of the package.
Special Multi-Peril Policy (SMP)
Multiple line Insurance Policy which typically combines property, liability, crime and many other coverage. As for example shopkeepers Insurance. Householders Insurance, Multi-peril policies for LPG dealers, Medical Establishments etc. In addition many options and endorsements are available to tailor the Policy to the requirements of the insured.
Special needs plan
Under Medicare, type of plan that provides more focused health care for specific groups of individuals such as those who have both Medicare and Medicaid or those who reside in a nursing home.
Special or specialty risks
A term used to denote those accounts whose premium size, unique exposures, or other characteristics are such that they require specialized handling by an underwriting operation specifically set up for that purpose. What constitutes a “special risk” varies by insurer.
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US: A term used to denote those accounts whose premium size, unique exposures, or other characteristics are such that they require specialized handling by an underwriting operation specifically set up for that purpose. What constitutes a “special risk” varies by insurer.
Special Peril
An extra risk added to a Policy not originally designed to cover that risk e.g., the risk of bursting of overflowing of water tanks, apparatus or pipes added to a Fire Policy.
Special peril insurance (Property Insurance)
Insurance that only covers the items named in the contract.