See: drug formulary or formulary .
Insurance Encyclopedia
Select mortality table
A mortality table based on selected lives only and not the general population, e.g. lives accepted for insurance.
Select rate of mortality
This occurs when rates of mortality are differentiated by age and duration. Most mortality tables used in life insurance have two or three periods of select mortality.
Selection
The choice made by an insurer, or an underwriter on behalf of an insurer, of which risks to insure.
Selection Against the Insurer
The observed phenomenon that under-average risks will be proffered more readily for insurance than above average ones and that when an insured has an option in a policy, he will tend to exercise it in the direction that is least favorable to the insurer.
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See: Adverse Selection.
Selection of lives
Life insurance practice of categorising lives as standard, substandard or declined. The object is to guard against anti-selection, as the substandard lives have the greatest incentive to insure, disturbing the mortality balance. Standard lives attract normal terms while sub-standard (i.e. impaired) lives are rated according to their impairment.
Selection of risk (General Insurance Terms/Reinsurance)
A general term used to refer to the insurer’s selection of which risks to insure. In reinsurance, this term refers to the act of ceding poor risks to a reinsurer and keeping the more desirable risks.
Selection of risks
See: underwriting .
Selective contracting
Under the Social Security Act, Section 1915(B), state may create a competitive contract system for services (e.g., inpatient hospital care).
Self – Sustaining
Vessel has its own cranes and equipment mounted on board for loading/unloading. Used in ports where shore cranes and equipment are lacking.