SEC

The Securities and Exchange Commission that is the primary federal regulatory agency overseeing enforcement of the federal securities laws.

Second Event Retention

See: Drop-Down.

Second Hand Replacement Clause (Clause 373 dated 01.12.2008)

The clause provides that in the event of loss of or damage to any part(s) of an insured machine or other manufactured item consisting of more than one part caused by a peril covered by this insurance, the sum recoverable shall not exceed such proportion of the cost of replacement or repair of such part(s) as the amount insured bears to the new cost of the machine or manufactured plus labour plus carriage. Duty if any is payable if included in the amount insured.

Second Injury Fund

In workers’ compensation, a State fund that pays the increased benefits when a second work related injury combined with a previous injury results in greater disability than would be caused by the second injury only.

Second injury fund (Workers Compensation)

A fund established by the state for the purpose of compensating a partially disabled employee who sustains another injury. The fund may pay the entire amount or a portion of the total amount. These funds exist to aid employers who hire handicapped or disabled workers.

Second loss insurance

A policy that contributes to a loss only when the loss exceeds the sum payable by a more specific insurance. See AVERAGE/TWO CONDITIONS OF AVERAGE.
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Insurance that covers only a loss in excess of that covered by a first loss insurance.

Second opinion

Consulting physician’s evaluation and assessment of a patient’s condition to assist in determining whether a proposed elective surgical procedure recommended by the first physician is necessary. Some insurance plans mandate a second opinion before the surgery is done, and if not performed, reimbursement may be reduced or denied. A voluntary program informs the patient that a second opinion will be reimbursed by the plan. Some plans have a list of surgical procedures that require a second opinion. Also called second surgical opinion (SSO) .

Second surgical opinion (Health Insurance)

An opinion provided by another surgeon, used to determine whether the course of treatment recommended by a surgeon is valid. This is done to keep the insurer from paying for unnessecary procedures if an alternate course of treatment will have the same end result. A second opionin is required and covered by some health policies before they will cover the cost of a surgery.

second surgical opinion (SSO)

Consultation with a second physician about a proposed elective operative procedure after surgery has been recommended by a first physician.

Second Surplus Reinsurance

Reinsurance accepted by a second reinsurer in a Surplus Treaty. It is that amount which exceeds the total of the original insurer’s net retention and the full limit of the first surplus treaty.