Written statement by occupational scheme trustees of the principles governing their investment decisions. Trustees must have regard to advice from a suitably qualified person, consult with the employer and publicise the existence of the statement to members as required under PA95, s.35. The legislation protects UK-domiciled private policyholders.
Insurance Encyclopedia
Statement of policy information (Life Insurance)
A document issued each year for each universal life policy. The document details any transactions made over the last year that affected the policy; for example, interest credited and premiums paid.
Statement of Principles for approved persons (SP)
The FSA sets out four Statements of Principles that apply to all approved persons to ensure that they undertake their roles efficiently and with integrity in carrying out controlled functions. Three additional principles apply to approved persons performing significant influence functions. Approved persons in breach of the principles face disciplinary action. SP is different from Principles of Business that apply to firms only.
Statement of Recommended Practice on Accounting for Insurance Business (SORP)
the accounting standard published by the ABI, which reconciles generally accepted accounting practice, the requirements of Schedule 9A of the Companies Act 1985 and the regulatory requirements of the Financial Services Authority.
Statement of Values
Information required by a rating bureau or underwriter to value each risk separately.
*****
The information required when a single rate is to cover more than one item or building. To determine a correct average, the rating bureau requires the policyholder to give the value of each separate risk and its contents.
Statement of values (Property Insurance)
A declaration of the value held at each location to be insured under a blanket policy. This is done to determine the amount of the blanket rate to be applied to the policy.
Statewide average weekly wage (Workers Compensation)
An average wage calculation, updated regularly, which is used to establish the amount of compensation benefits.
Static Impairment
A physical condition in which the body has suffered some loss or injury. Permanent loss of sight or the amputation of a limb are two examples of a static impairment.
Static Risk
Which are connected with losses caused by the irregular action of the forces of the nature or the mistakes and misdeeds of human beings.
Statistical fluctuation
Deviations from the predicted future of occurrences that was based on past numerical data.