SALARY CONTINUANCE:
Covers for a specified period of time, up to 100% of salary of an employee or self-employed individual who cannot work because of a prolonged disability arising from accident and/or sickness.
SCHEDULE:
A statement attached or part of an insurance Policy document where there are a multiplicity of locations, items, etc detail involved that form part of the Policy.
SEISMIC STREAMER:
Covers seismic survey equipment offshore against loss or damage by insured perils.
SEISMIC TAPE:
Covers loss or damage to seismic tapes during transit, processing or storage.
SPECIAL RISKS:
Covers loss or damage to specified personal jewellery or valuables. This cover is usually placed in conjunction with Home Contents insurance.
SPRINKLER LEAKAGE:
This is designed to cover damage caused to the premises and its contents (especially stock) through accidental leakage of the sprinkler system.
STATEMENT OF ADVICE (SOA):
A statement of advice issued pursuant to the requirements as set out in the FSR.
SUBROGATION:
The common law right of an Insurer to recover from a third party who is wholly or partially responsible for a loss paid by the Insurer under the terms of a policy. For example, when an Insurer has paid the Insured for loss sustained to his car as the result of a collision, the Insurer may collect through the process of subrogation from the person whose car caused the damage. Subrogation recoveries are treated as reductions of losses paid when calculating claims experience.
SUPERANNUATION:
Provisions for retirement. A wide range of Superannuation and related Life Assurance products are available in the market.