SELF-RETENTION – economically reasonable level of sum insured, which assignor keeps (retains) on its responsibility, assigning to reinsurance the amounts above this level.
STATEMENT OF THE INSURED – prior to conclusion of the insurance agreement, the insured is obliged to make a statement to the insurer about all the factors of material nature or should be known to him / her by the nature of his / her activities and may affect the insurer's decision on the acceptance or rejection of the insurance risk, establishment of appropriate premium rates, etc.
STOCK INSURANCE COMPANY - form of organization of insurance fund on the basis of monetary funds centralization by means of stocks sale. Most widespread type of the insurer in market economy.
STOCKS – kind of securities, issued by a stock insurance company, which certifies investment of funds by its owner for the purposes of this insurance company development and gives the right to the owner for getting a part of profit from the results of insurance in kind of dividend.
SUBROGATION – transfer of right of claims, which an insured has to a person responsible for caused harm, to an insurer that has paid and insurance indemnity. subrogation is expressed in the right of an insurer for recourse action to the party at fault in accordance with the effective legislation. Issued of subrogation applicable to a concrete insurance risk are contained in insurance agreement.
SUM INSURED – sum of money, adequate to insurance interest and insurance risk, for which tangible properties, civil liability, life and health of an insured are insured. Sum insured is called insurance coverage in international practice.
SURVEYOR – expert, carrying out examination of insurance objects (vessels, cargo, etc.) and providing a conclusion about their condition, size of damage in averages (wrecks).
SYSTEMS OF INSURANCE COVERAGE – methods of insurance indemnity calculation: 1) proportionate; 2) of the first risk; 3) utmost.