See: New York Standard Fire Policy.
Insurance Encyclopedia
Standard International Trade Classification (SITC)
A standard numerical code system developed by the United Nations to classify commodities used in international trade.
Standard lives
Proposers acceptable for life insurance on normal terms because there is no evidence to show serious ill health. See SELECTION OF LIVES.
standard Medicare drug coverage
Model insurance plan that was designed as the minimum drug coverage required by law. It is the standard to which all offered plans are compared. Most plans offer better coverage than the minimum required.
Standard nonforfeiture law
Legislation that is uniform in all states and requires annuity and whole-life contracts to have certain minimum cash values that are not forfeited by policyholders even if a policy is canceled. A formula is given for computing the present value, cash surrender value, and paid-up annuity benefits. The model requires insurers to state clearly if an annuity has limited or no death benefits.
Standard of care
1. Written statement that describes the rules, actions, or conditions that direct proper treatment of patients. 2. Specific guidelines that direct medical practice and can be used to evaluate performance. Also see standards of care protocols .
Standard of Care Defined for Professional Indemnity (Liability)
Every person who enters into a learned profession undertakes to bring to the exercise of it a reasonable degree of care and skill. He does hot undertake, if he is an attorney, that at all events he shall gain his case nor does a surgeon undertake that he will perform a cure, nor does he undertake to use the highest degree of skill. There may be persons who have higher education and greater advantage than he has but he undertakes to bring a fair, reasonable and competent degree of skill.
Standard of Care, Defined
See: “Professional indemnities. Standard of care, defined.”
standard paper remittance (SPR)
Document detailing services billed and describing payment determination (paid or denied) issued to providers of the Medicare or Medicaid program. Providers that electronically transmit Medicare claims receive an electronic remittance advice (ERA). Beginning June 1, 2006, they were no longer mailed an SPR. Also known in some programs as an explanation of benefits .
Standard plan termination
Process of ending a retirement or employee-benefit plan that has enough funds to cover all benefit amounts to which the plan’s participants are entitled.