State-specific affiliate of the National Uniform Billing Committee (NUBC) that developed the Uniform Bill (UB-92) insurance claim form for hospital inpatient billing and payment transactions in use from 1994. It replaced the Uniform Bill (UB-82) claim form that was also referred to as HCFA-1450 claim form . The Uniform Bill (UB-92) was replaced by the Uniform Bill (UB-04) claim form in 2008.
Insurance Encyclopedia
State unit on aging
State office authorized by the Older Americans Act that administers the plan for service to the aged and coordinates programs for the aged with other state offices.
Stated amount
Amends the valuation clause on a policy to include an amount that is stated as the value of the item(s) being insured. Usually, these policies pay the lesser of the actual cash value of the damaged property, the cost of repairing or replacing the property, or the stated amount.
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An agreed amount of insurance which is shown on the policy and which will be paid in the event of total loss regardless of the actual value of the property.
Stated amount (Property Insurance)
The amount shown on an insurance policy. It is the amount both parties to the contract have agreed will be paid should a total loss occur.
Statement blank
See: convention statement.
Statement of Investment Principles (SIP)
Written statement by occupational scheme trustees of the principles governing their investment decisions. Trustees must have regard to advice from a suitably qualified person, consult with the employer and publicise the existence of the statement to members as required under PA95, s.35. The legislation protects UK-domiciled private policyholders.
Statement of policy information (Life Insurance)
A document issued each year for each universal life policy. The document details any transactions made over the last year that affected the policy; for example, interest credited and premiums paid.
Statement of Principles for approved persons (SP)
The FSA sets out four Statements of Principles that apply to all approved persons to ensure that they undertake their roles efficiently and with integrity in carrying out controlled functions. Three additional principles apply to approved persons performing significant influence functions. Approved persons in breach of the principles face disciplinary action. SP is different from Principles of Business that apply to firms only.
Statement of Recommended Practice on Accounting for Insurance Business (SORP)
the accounting standard published by the ABI, which reconciles generally accepted accounting practice, the requirements of Schedule 9A of the Companies Act 1985 and the regulatory requirements of the Financial Services Authority.
Statement of Values
Information required by a rating bureau or underwriter to value each risk separately.
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The information required when a single rate is to cover more than one item or building. To determine a correct average, the rating bureau requires the policyholder to give the value of each separate risk and its contents.