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.
salvage value.

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
a company.  

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.
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