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Special public-debt obligation

Securities of the U.S. government issued exclusively to the Old Age, Survivors, and Disability Insurance (OASDI); Disability Insurance (DI); Health Insurance (HI); and Supplementary Medical Insurance (SMI) trust funds and other federal trust funds. Section 1841(a) of the Social Security Act provides that the public-debt obligations issued for purchase by the SMI trust fund shall have maturities fixed with due regard for the needs of the funds. The usual practice in the past has been to spread the holdings of special issues, as of every June 30, so that the amounts maturing in each of the next 15 years are approximately equal. Special public-debt obligations are redeemable at par at any time.

Special purpose captive

Captive insurance company formed to finance a particular exposure. It provides an in-house facility for financing risks where conventional insurance is costly or difficult to obtain. Such exposure may include professional indemnity, credit or insolvency risks, product guarantee, warranty or other ‘special situations.

Special purpose vehicle (SPV)

Independent trust or captive created to act as a conduit through which an insurer can transfer insurance risk to the capital market. The SPV sells bonds to investors who will sacrifice principal and/or interest if a defined catastrophe occurs. The SPV like a reinsurer uses the sacrificed funds to indemnify the insurer. The SPV is bankruptcy-remote and holds legal rights over the assets transferred. SPVS do not just apply to insurance-related transactions.

Special Rating for Fire Insurance

The erstwhile Fire Insurance tariff rewarded good risk features and reasonably good claims track sumptuously by a system known as Fire Special Rating. However, consequent upon opening up of the market, entry of Private Sector Companies, de-tariffing in Fire Insurance every Company has adopted its own system for individual risk rating for large risks with good or adverse features.

Special reserve fund

A reserve that is held on behalf of a member and comprising part of his funds at Lloyd’s. The reserve, which is held within the premiums trust fund of the member, may be only built up by setting aside a proportion of past profits and funds can only be withdrawn from it in the event of the payment an overall underwriting loss or on the death or resignation of the member following the closure of all years of account in which he underwrote. It is separate from the personal reserve fund of a member.

Special Risk

A transfer of risk from one individual to another not based on true Insurance principles of reducing the individual risk to the risk of the statistical universe. Underwriters of Lloyd’s lf London are known to insure the eyes of artisans, the fingers of Piano players, voice of singers, and such other special risks.Special Storage Risks Insurance Under marine Insurance policies the cover can be granted to goods during storage at railway yard of carriers’ premises, pending clearance by the consignees on termination of marine cover under open policies or special declaration policies. This cover may be granted in conjunction with an open Policy of a special declaration Policy covering the transit of goods by rail or road. Risks under this Policy shall be similar to those under the open Policy or special declaration Policy except in case of SR & CC risk. The Insurance is linked to cover under the transit Policy as follows:Transit Policy

Special Storage Risk Policy

Basic risks only

Fire and Lightening only

Basic Risks, Non-Delivery of Entire Consignment

Fire, Lightning, Burglary

Basic Risks, Theft, Pilferage and Non Delivery

Fire, Lightning, Burglary, Housebreaking, Theft

Any Cover wider than above or All Risks of Transit

All Risks

SRCC Extension

Riot, Strike, Malicious Damage and Terrorism Risks