Triple X: Legislation adopted Jan. 1, 2000, requiring life insurers to set aside certain levels of reserves in order to be able to pay claims.
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Category: Glossary
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Tpa – insurance term definition
TPA: Third party administrators
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survivorship insurance: Another name for second-to-die insurance.
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surrender charge: The fee charged when a policyholder decides to end (or surrender) a life insurance policy or annuity. This fee reflects insurance company expenses incurred by placing the policy on its books. After a “surrender period” (usually several years) has elapsed, there is no charge for ending the contract.
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surplus share reinsurance: Reinsurance wherein the insurer cedes a variable percentage of the liability, premiums, and losses for each policy covered on a pro rata basis.
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surgical schedule: List of maximum amounts payable for various types of surgery; amounts are based on the complexity of the operation.
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surgical expense insurance: Insurance policies that provide benefits toward physicians’ or surgeons’ operating fees. Benefits may consist of scheduled amounts for each procedure.
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Surcharge – insurance term definition
surcharge: An additional charge, cost, or tax.
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supplementary contract: An agreement between a life insurance company and a policyholder or beneficiary by which the company retains the cash sum payable under an insurance policy and makes payments in accordance with the settlement option chosen.
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supplemental insurance: Additional insurance protection over the primary insurance coverage. An example is Medigap coverage, which can be purchased as a supplement to Medicare.
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