Accumulation of numbers recorded and then to analyze information (e.g., occurrences of injuries and accidents, causes of death, losses). The information is used to predict future occurrences and calculate insurance premium rates.
Insurance Encyclopedia
Status
Legal standing, condition or relation. Relative position of rank.
Status clause
Insurance policy provision that excludes payment of benefits for loss that occurs when an insured is in active military service.
Status disclosure
1. With exceptions, firms conducting regulated activities must take care to ensure that every letter (including electronic equivalent) which it or its employees send to a private customer must disclose that it is ‘authorised and regulated by the Financial Services Authority’. 2. The FSA requires firms to disclose details of the services they provide and appropriate information on the products which are being sold.
Status location
Indicator on an insurance claim record that describes the queue (line or file) where the claim is situated and the action that needs to be performed on the claim.
Status modifier
See: physical status modifier .
Statute
Law passed by a legislative body including administrative boards, municipal courts, and legislatures (e.g., legislative branch of the federal government). See act . Also called act or law .
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MEDICAL,USA: An act of Parliament.
Statute of frauds (Legal Terminology)
A statute that mandates certain contracts to be written to be enforced by the law.
Statute of Frauds 1677
Largely superseded by other enactments but s.4 remains. It provides that no action shall be brought upon a guarantee unless the agreement is in writing and signed by the party to be charged, or his agent. See unenforceable contracts for the effect on contracts of fidelity guarantee.
Statute of limitation (Legal Terminology)
The amount of time a person has to begin legal action.