A department in an insurance company or insurance department dedicated to investigating insurance fraud.
Tag: RAW
Special multi peril (SMP) (Liability Insurance)
A type of policy mostly replaced by modern commercial forms. This policy eliminated the need for several contracts by combining their coverages into one policy. The policy could be changed to meet the needs of each insured, but liability and property coverage was a required part of the package.
Special Multi-Peril Policy (SMP)
Multiple line Insurance Policy which typically combines property, liability, crime and many other coverage. As for example shopkeepers Insurance. Householders Insurance, Multi-peril policies for LPG dealers, Medical Establishments etc. In addition many options and endorsements are available to tailor the Policy to the requirements of the insured.
Special needs plan
Under Medicare, type of plan that provides more focused health care for specific groups of individuals such as those who have both Medicare and Medicaid or those who reside in a nursing home.
Special or specialty risks
A term used to denote those accounts whose premium size, unique exposures, or other characteristics are such that they require specialized handling by an underwriting operation specifically set up for that purpose. What constitutes a “special risk” varies by insurer.
*****
US: A term used to denote those accounts whose premium size, unique exposures, or other characteristics are such that they require specialized handling by an underwriting operation specifically set up for that purpose. What constitutes a “special risk” varies by insurer.
Special Peril
An extra risk added to a Policy not originally designed to cover that risk e.g., the risk of bursting of overflowing of water tanks, apparatus or pipes added to a Fire Policy.
Special peril insurance (Property Insurance)
Insurance that only covers the items named in the contract.
Special perils
UK: additional risks frequently added to a commercial fire policy, either individually or as a group.
***
US: Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as “all risks” coverage. Many industry practitioners continue to use the term “all risks” to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word “all” suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term “special perils” or “open perils” instead of “all risks.”
***
Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as “all risks” coverage. Many industry practitioners continue to use the term “all risks” to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word “all” suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term “
***
UK: See: Additional Perils.
Special personal property form (Property Insurance)
A form mostly replaced by the Building and Personal Property Coverage Form. This form covers the contents of commercial risks against all perils.
Special Personal Property Insurance
A type of insurance which provides all risk coverage on the personal property with specific exclusions.