|Florida Insurance Glossary Terms "S"
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SR-22 Insurance: Certifies compliance for persons required to maintain minimum limits of liability. If you are in
need of Florida SR22 Insurance please feel free to give us a call.
Safe Driver Plan: Rates which take into account discounts and surcharges based on driving history.
Salvage: After a claim is settled for a total loss they are entitled to any remaining value the vehicle has i.e.
Self Insurance: Individuals and companies that do not transfer risk to another entity and assume responsibility
for their risk exposure.
Severity: The seriousness of an accident or claim.
Short Rate Cancellation: The termination of a policy and the return of unused premium less a penalty.
Soft Market: Describes the marketplace when it is easy and relatively inexpensive to obtain insurance.
Solicitor: A person engaged in prospecting.
Special Investigation Unit: A division that investigates claims for possible fraud.
Split Limits: When there are different maximum liability limits for Bodily Injury and Property Damage.
Stacked Limits: Uninsured motorist coverage limits that are multiplied by the number of vehicles.
Staff Adjuster: One who is employed by a company as opposed to an independent adjuster who is contracted by
Stock Insurance Company: Owned by shareholders as opposed to a mutual company that is owned by its
Subrogation: The right of an insurance company to recoup money paid out for a claim from the responsible party.
Substandard Risk: A risk with characteristics that fall outside the norm.
Supplement/Supplemental Estimate: An addition to an existing claim after hidden damages are revealed.
Surplus Lines: The variety of insurance available through non-admitted carriers.