A physical damage commercial coverage that is a little narrower than comprehensive coverage. Under this kind of coverage, only specified perils, such as flood, vandalism, or hail are covered. Damage done to a form of conveyance moving the covered vehicle is also covered.
Insurance Encyclopedia
Specified disease coverage
iNSURANCE which Provides stated benefits, usually large amounts, for expenses of the treatment of the disease or diseases named in the policy. may also be called a critical illness policy.
Specified disease insurance
Type of insurance that pays benefits for only a single disease such as cancer or end-stage renal disease or for a group of diseases. It does not fill gaps in Medicare coverage.
specified expense coverage
Health insurance that provides benefits for certain medical supplies or treatments or for specific illnesses (e.g., dental, vision care, prescription drugs, long-term care, dread disease).
specified low-income Medicare beneficiaries (SLMB)
Medicaid program that pays for Medicare Part B premiums for individuals who have Medicare Part A, a low monthly income, and limited resources.
Specified Perils
Named Peril. A peril indicated or identified in the contract of insurance as a risk of loss for which insurance is being provided. If a loss occurs by a peril not specified no coverage exists.
Specified working expenses/uninsured working expenses
Expenses itemised as not being insured under a business interruption policy. They vary directly with turnover and are not at risk when a fire curtails business. For example, packing expenses cease when a business is not producing goods and should not therefore be insured as a part of the gross profit.
Specimen
Small sample of tissue, intended to show the nature of the whole, for pathological diagnosis (e.g., a urine specimen).
Specimen policy forms
Forms that are often requested when nonstandard coverage forms are being used. The specimen form may be reviewed to determine the actual policy provisions before coverage is bound.
Speculative risk
UK: A risk where the outcome may range from loss to gain. The prospect of gain induces businesses to take risks. Businesses control speculative risks by means of sound business practices such as hedging, market research, internal controls, etc., and forming limited liability companies. Insurance is not available to protect firms against insolvency. See HOLISTIC RISK MANAGEMENT; ENTERPRISE RISK MANAGEMENT.
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A type of risk not typically insurable, as it is not possible to predict whether it will succeed or fail.
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Risk that entails a chance of gain as well as a chance of loss. Contrast with Pure risk.
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The uncertainty of an event that could produce either a profit or a loss, such as a business venture or a gambling transaction.
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Uncertainty as to whether a gain or loss will occur. For example, in a business enterprise, there is a chance that the business will make or lose money. Speculative risks are not normally insurable.