(01) Details of large risks appended at the end of the Policy form. (02) A description sent to potential bidders (insurers). They describe the types and amounts of desired insurance, minimum qualifications for bidding agents and insurers and other characteristics of one’s insurance needs.
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UK: Usually it amplifies the schedule and gives details of the breakdown of the total sum insured shown in the schedule. Additional clauses may also appear in the specification.
Insurance Encyclopedia
Specifications
List of qualifying factors of a specific group of individuals, insurance coverage, and services that an insurance company assembles to administer and manage a group insurance program.
Specifics
Items that are specific to a particular insurance and not generally applicable. There may be specific exclusions or additions to cover.
Specified causes of loss (Vehicle Insurance)
A physical damage commercial coverage that is a little narrower than comprehensive coverage. Under this kind of coverage, only specified perils, such as flood, vandalism, or hail are covered. Damage done to a form of conveyance moving the covered vehicle is also covered.
Specified disease coverage
iNSURANCE which Provides stated benefits, usually large amounts, for expenses of the treatment of the disease or diseases named in the policy. may also be called a critical illness policy.
Specified disease insurance
Type of insurance that pays benefits for only a single disease such as cancer or end-stage renal disease or for a group of diseases. It does not fill gaps in Medicare coverage.
specified expense coverage
Health insurance that provides benefits for certain medical supplies or treatments or for specific illnesses (e.g., dental, vision care, prescription drugs, long-term care, dread disease).
specified low-income Medicare beneficiaries (SLMB)
Medicaid program that pays for Medicare Part B premiums for individuals who have Medicare Part A, a low monthly income, and limited resources.
Specified Perils
Named Peril. A peril indicated or identified in the contract of insurance as a risk of loss for which insurance is being provided. If a loss occurs by a peril not specified no coverage exists.
Specified working expenses/uninsured working expenses
Expenses itemised as not being insured under a business interruption policy. They vary directly with turnover and are not at risk when a fire curtails business. For example, packing expenses cease when a business is not producing goods and should not therefore be insured as a part of the gross profit.