See: Rating- Retrospective Rating.
Insurance Encyclopedia
Switch maternity (Health Insurance)
A provision under which female employees who participate in a group health plan are only covered if their husbands are listed as dependents under the plan.
Switching investments
Most insurance companies issuing investment bonds and unitised funds offer a variety of investments linked to property, equity, managed and fixed-interest funds, and sometimes cash or gilt funds. In return for a fee most will permit the holder to switch his investment from one fund to another. As the money remains invested in the same life policy liability to tax does not arise as happens when shares are sold.
Swoop and squat
A manner of auto fraud. A driver pulls in front of the insured and slams on his brakes the insured doesn’t have time to stop and rear ends the fraudster. The fraudster may also stop suddenly in busy traffic, or at an intersection or an on-ramp. Many times the fraudster also claims to have neck and back pain, creating both a collision and injury claim against the insured.