Every person who enters into a learned profession undertakes to bring to the exercise of it a reasonable degree of care and skill. He does hot undertake, if he is an attorney, that at all events he shall gain his case nor does a surgeon undertake that he will perform a cure, nor does he undertake to use the highest degree of skill. There may be persons who have higher education and greater advantage than he has but he undertakes to bring a fair, reasonable and competent degree of skill.
Insurance Encyclopedia
Standard of Care, Defined
See: “Professional indemnities. Standard of care, defined.”
standard paper remittance (SPR)
Document detailing services billed and describing payment determination (paid or denied) issued to providers of the Medicare or Medicaid program. Providers that electronically transmit Medicare claims receive an electronic remittance advice (ERA). Beginning June 1, 2006, they were no longer mailed an SPR. Also known in some programs as an explanation of benefits .
Standard plan termination
Process of ending a retirement or employee-benefit plan that has enough funds to cover all benefit amounts to which the plan’s participants are entitled.
Standard Policy
(i) Coverage which has identical provisions regardless of the issuing insurers. Many common policies are standardized. (ii) Insurance issued to a standard risk.
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A general term used to refer to insurance written on a standard risk. This term can also refer to a policy that is standardized to have the same limitations and exceptions, regardless of which insurer issues it.
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UK: A policy form in general use.
Standard Premium
Synonym for basic premium. See Also: “Basic premium.”
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REINSURANCE: The insurance premium determined on the basis of the insurer’s authorized rates multiplied by the experience modification factor. The standard premium is usually not the final premium that the insured pays. It excludes the effects of some pricing programs, such as premium discounts, schedule rating, deductible credits, retrospective rating, and expense constants that are reported in statistical classes.
Standard premium (Liability Insurance/Workers Compensation)
A premium amount found by calculating the regular rates on an insured’s payroll. This amount is the standard premium, from which a fraction is taken and used as the basic premium.
Standard premium rate
See: basic premium .
Standard property policy (ISO)
A restrictive Insurance Services Office, Inc. (ISO), commercial property policy (CP 00 99) intended for use when, for underwriting reasons, coverage would otherwise be unavailable. Combines in one form many of the provisions of the common policy conditions, commercial property conditions, building and personal property coverage, and basic causes of loss forms. However, there are significant coverage restrictions in the following areas covered causes of loss, cancellation, vacancy, coverage territory, and coverage options.
Standard Provisions
Provisions whose exact working is prescribed by law for specific types of Insurance. These provisions must appear in all policies issued in that jurisdiction where the law is applicable.
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MEDICAL, USA: Elements common to life and health insurance policies stating coverage and benefits and obligations of the insured and insurance company in basic contract language.