S

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


Board Room

A B C D E F H I J L M N O P Q R S T U V W

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.

Top of Page