1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
S. S2 Sa Sb Sc Sd Se Sf Sg Sh Si Sj Sk Sl Sm Sn So Sp Sq Sr Ss St Su Sv Sw Sy
Sub Suc Sud Sue Suf Suh Sui Sum Sun Sup Sur Sus

Suicide clause

Life insurance policy provision that states if the insured takes his or her own life, then the proceeds of the policy will not be paid.
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UK: Clause in a life insurance policy enabling the insurer to avoid the contract if death occurs by suicide within a specified time (one or two years of inception). Some offices omit the exclusion altogether.

Suitability

(FSA Conduct of Business Rule 5.3). This builds on know your customer. The provider or independent intermediary must take reasonable steps to recommend an investment suitable for the customer. This applies when advising private customers, managing occupational schemes or stakeholder schemes, or promoting personal pensions schemes to groups of employees. The suitability requirements are especially stringent for packaged policies to private customers. Most suitability requirements call for a formal suitability letter to the customer explaining the reason for the recommendation. The letter must summarise the main consequences and any possible disadvantages of the transaction.

Sum insured

UK: The amount specified as the maximum amount that the insurer will pay under the policy. The limit is normally set by the insured and should set the full value at risk or, in some household policies, the full value of replacement, otherwise average may apply. The sum insured is normally used as the basis for calculating the premium.
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UK: the sum expressed in a policy as the amount payable on the occurrence of the contingency insured against, or as the maximum amount of the insurer’s liability under a contract of indemnity.
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This is the sum expressed in a policy as the amount payable on the occurrence of the event insured against in the case of a benefit policy, or as the maximum of the insurer’s liability under a contract of indemnity.

Summarized cost rate

Ratio of the present value of expenditures to the present value of the taxable payroll for the years in a given period. In this context the expenditures are on an incurred basis and exclude costs for those uninsured persons for whom payments are reimbursed from the general fund of the U.S. Treasury and for voluntary enrollees, who pay a premium in order to be enrolled. The summarized cost rate includes the cost of reaching and maintaining a target trust fund level known as a contingency fund ratio . Because a trust fund level of about 1 year’s expenditures is considered to be an adequate reserve for unforeseen contingencies, the targeted contingency fund ratio used in determining summarized cost rates is 100% of annual expenditures. Accordingly, the summarized cost rate is equal to the ratio of (1) the sum of the present value of the outgo during the period, plus the present value of the targeted ending trust fund level, plus the beginning trust fund level, to (2) the present value of the taxable payroll during the period.

Summarized income rate

Ratio of (1) the present value of the tax revenues incurred during a given period (from both payroll taxes and taxation of Old Age, Survivors, and Disability Insurance [OASDI] Program benefits), to (2) the present value of the taxable payroll for the years in the period.

Summary health information

Under the Health Insurance Portability and Accountability Act (HIPAA), data that may be individually identifiable health information and summarizes the claims history, claims expenses, or types of claims experienced by individuals for whom a plan sponsor has provided health benefits under a group health plan.