A clause in a policy providing the small adjustments of premium shall be waived, they being uneconomic to make.
Insurance Encyclopedia
Small claims court
Court that allows lay people to have access to a court system without the use of an attorney to informally and quickly adjudicate claims below a specific dollar amount. The monetary amount varies from state to state. Claims are usually for collecting small accounts or debts. Also called conciliation court, common pleas, general session, justice court , or people’s court .
Small claims pool
Funds pooled by all Lloyd’s syndicates out of which all small claims are paid.
Small estates statutes
State laws enabling an insurance company to pay small amounts of insurance policy proceeds to an estate without complicated court proceedings.
Small group
About 3 to 99 employees, but state statutes may vary on the numbers.
Small group insurance plan
Type of group life insurance plan uses simplified individual underwriting combined with group underwriting techniques and covers groups 2 to 25 individuals. Also called baby group plan.
Small group pooling (Health Insurance)
A process used for small group businesses, wherein they combine into one pool to receive more accurate rates.
Small health plan
Under the Health Insurance Portability and Accountability Act (HIPAA), this is a health plan with annual receipts of $5 million or less.
Small self-administered scheme (SSAS)
Occupational pension scheme where: all assets are pooled in a central fund; benefits are paid from those central funds; and trustees have wide powers of investment. They may be insured, i.e. held centrally in insurance policies only, or self-administered where the funds are held centrally in investments outside policies, e.g. in property, shares, loans. There must be fewer than 12 members, one of whom is a controlling director. The appointment of a pensioner trustee is mandatory for exempt approved status.
Small subscriber group aggregate
Combination of professional associations, small businesses, or other entities formed and considered as a single, large subscriber group of a health insurance plan.