The at-fault party was negligent but there was no apparent intent to cause injury or damage to the other party.
Insurance Encyclopedia
Simple repair
Physical restoration of damaged tissue when the wound is superficial (e.g., involving primarily epidermis or dermis or subcutaneous tissues without significant involvement of deeper structures, requiring one-layer closure).
Simple reversionary bonus
A bonus added to a with profit life insurance policy expressed as a percentage of the sum insured only. Bonuses once declared are guaranteed and are paid with the sum insured at death or maturity.
Simple Risk
A fire insurance, such as that on a private dwelling, that is not complex.
Simplified defined contribution scheme (SDCS]
Money purchase scheme with additional limitations, e.g. lump sum not to exceed twice final remuneration. IR no longer considers applications for SDCSS but existing schemes continue.
simplified employee pension (SEP)
See: Section 408(k) of the Internal Revenue Code .
Simplified employee pension plan (Pensions)
Sometimes referred to as a SEP. A type of pension plan in which the employer contributes toward an employee’s IRA.
Simultaneous death act
State law that if the insured and beneficiary of a life insurance policy both die and determination of who died first cannot be made, then the insured is presumed to be the primary beneficiary unless there is an insurance clause stating otherwise.
Simultaneous Ignition
Ignition of a fire at many points at once. It is used in broadcast burning or backfiring to obtain a quick, hot, clean burn.
Simultaneous payments clause
A reinsurance clause binding the reinsurer to pay a claim simultaneously with the direct insurer’s payment to the original insured.