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.
Tag: RAW
Statement of values (Property Insurance)
A declaration of the value held at each location to be insured under a blanket policy. This is done to determine the amount of the blanket rate to be applied to the policy.
Statewide average weekly wage (Workers Compensation)
An average wage calculation, updated regularly, which is used to establish the amount of compensation benefits.
Static Impairment
A physical condition in which the body has suffered some loss or injury. Permanent loss of sight or the amputation of a limb are two examples of a static impairment.
Static Risk
Which are connected with losses caused by the irregular action of the forces of the nature or the mistakes and misdeeds of human beings.
Statistical fluctuation
Deviations from the predicted future of occurrences that was based on past numerical data.
Statistics
Accumulation of numbers recorded and then to analyze information (e.g., occurrences of injuries and accidents, causes of death, losses). The information is used to predict future occurrences and calculate insurance premium rates.
Status
Legal standing, condition or relation. Relative position of rank.
Status clause
Insurance policy provision that excludes payment of benefits for loss that occurs when an insured is in active military service.
Status disclosure
1. With exceptions, firms conducting regulated activities must take care to ensure that every letter (including electronic equivalent) which it or its employees send to a private customer must disclose that it is ‘authorised and regulated by the Financial Services Authority’. 2. The FSA requires firms to disclose details of the services they provide and appropriate information on the products which are being sold.