A glossary of commonly used general insurance and risk management terms.

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SCHEDULED PROPERTY – Property specifically identified and assigned value individually in a policy covering several items.

SETTLEMENT – Usually, a policy benefits or claim payment. It connotes an agreement between both parties to the policy contract as to the amount and method of payment.

SUBROGATION – The right of an insurance company to step into the shoes of the party whom they compensate and sue any party whom the compensated party could have sued. Once a company has paid a loss for which someone other than the policy holder is responsible, it may have the right to recover this loss from the guilty party. This right is called subrogation.

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