This is the object, property or potential liability described in the policy and to which the insured must be so related as to have an insurable interest. For example, the subject-matter of marine insurance is the actual vessel or cargo. Compare with subject-matter of the insurance contract.
Insurance Encyclopedia
Subject-matter of the insurance contract
This is the insured’s interest in the subject-matter of the insurance. The insurer cannot guarantee to restore the goods or cancel a liability but they can protect the insured’s interest against financial loss.
Subjective
Perceived by the individual only and not evident to the examiner (e.g., pain).
Subjective factors of disability
In a workers’ compensation case, symptoms that interfere with the injured worker’s ability to work that cannot be objectively measured and are obtained from the injured worker’s description of symptoms (e.g., pain or emotional symptoms that limit specific activities).
Subjective information
Data that cannot be measured, typically referred to as “symptoms.”
Subjective Probability
An estimate of loss frequency based on logical reasoning and personal judgment.
Subjective Risk
The risk based on the mental state of an individual who experience uncertainty or doubt as to the outcome of a given event.
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Chance of loss as measured by subjective probability, or judgment, rather than statistics.
Sublimit
A limit that exists inside another limit.
Submitted business
New business applications turned in to an insurer but not yet accepted or declined.
Submitted Business (Or Proposal)
Application for insurance submitted to an insurer but not yet acted upon by it.