Incendiary fire, or the point of origin of an incendiary fire.
Insurance Encyclopedia
Set Up
Articles in their assembled condition.
Set up bed
Hospital bed set up and ready for the medical care of a patient that includes space, equipment, medical material, and ancillary and support services but no available staff to operate.
Set-off Clause
See: Offset Clause.
Setback
The distance from curb or other established line, within which no building may be erected.
Setoff
The reduction of the amount owed by one party to a second party under one agreement or transaction by crediting the first party with amount the second party owes the first party under other agreements or transactions for the purpose of determining the amount, if any, the first party owes to the second.
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See: Offset.
Settled policy
A policy forming the subject of a trust.
Settlement
(i) A policy benefit of claim payment. (ii) Conclusion of litigation by the mutual agreement of parties involved prior to final verdict; certain settlements must be court approved.(iii) An instrument by which property is settled on a person or persons. (iv) A lateral movement, as opposed to subsidence.
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UK: 1. An agreement to resolve a dispute. 2. A payment of an account or claim. 3. In respect of buildings it means movement in a lateral direction but in practice it is not so restricted. Every new property settles on its foundations and the stresses and strains of this movement cause cracks in the plaster and other minor damage. It is not easy to distinguish subsidence damage from settlement damage. 4. A document, such as a deed or will, defining the way of succession to land or other property or enjoyment of the rents and profits thereof.
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MEDICAL, USA: See: financial settlement .
Settlement (General Insurance Terms/Legal Terminology)
A general term used to refer to a benefit or payment, agreed upon by both parties of a policy. This term can also refer to an agreement settled upon by the parties to a litigation before a verdict can be rendered. This agreement must be mutually agreeable to all parties involved, and may need to be approved by the court.
Settlement agreement
Arrangement between an insurance company and an insured about the method of payment of the insurance proceeds to the beneficiary.