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Salary
Definition
Used in group insurance to agree the definition of employee salary to
be applied in calculation of insured benefit.
Self Insured Scheme
A program financed entirely by the employer for insuring employees instead
of purchasing coverage from an insurance company.
Sickness and Accident
Pays you a benefit if you're unable to work through sickness or accident.
Normally pays out for a set period, i.e. one or two years.
Simplified Administration
The system most often used to administer group insurance. Designed to
keep administration overheads to a minimum. Normal changes in membership
and benefit need only be advised to the insurer on a periodic (usually
annual) basis.
Single Premium Costed
A method of cost calculation used for group insurance schemes with a
small number of members (typically less than 20). The overall premium
is based on the costs calculated in detail for each member and based
on age, sex and other factors.
Single
Premium Policy
A Life Insurance policy paid for in advance by one single premium rather
than in periodic premiums.
SOFA
Society of Financial Advisers. A professional body linked to the Chartered
Insurance Institute. Membership is open to those who have passed the
Institute's examinations for the Advanced Financial Planning Certificate.
Special
Presentations A service to inform a customer paying in a cheque that
the payer's bank will make the payment. This does not reduce the time
taken for the cheque to clear - this will still take three working days.
SRO
Self Regulating Organisation.
Stamp Duty
A tax levied on certain legal transactions, these include share dealing
and the purchase of property.
Standard
Variable Rate
A lender’s standard mortgage rate. This goes up and down with interest
rates generally.
Standing
Order
Pre authorised payment in which the customer gives instructions to their
bank to pay fixed sums at regular intervals or on defined dates.
Stop-Loss Insurance
Protection purchased against the risk of large losses or a severe adverse
claim experience.
Substandard
Risk
Where the risk of a claim against a policy is higher than average.
Surrender
Where you cancel an investment or policy and usually receive a reduced
payout, due to the impact of charges.
Surrender
Value
The amount of money paid to the policyholder by the insurer when certain
types of life policy are discontinued before the full benefit becomes
payable
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