state insurance department: An administrative agency that licenses insurers to do business in that state and implements state insurance laws and supervises (within the scope of these laws) the activities of insurers operating within the state.
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state (compulsory) disability plan: Plan of short-term income replacement required by some states to cover eligible persons employed within that state.
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standard risk: Person who, according to an insurer’s underwriting standards, is entitled to purchase insurance without paying an extra premium or special restrictions.
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standard provisions: Provisions setting forth the rights and obligations of and insurers and insured persons under health insurance policies. Originally introduced in 1912, these provisions were replaced by the Uniform Policy Provisions Law (UPPL).
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specified disease insurance: Insurance providing an unallocated benefit, subject to a maximum amount, for expenses in connection with the treatment of specified diseases, such as cancer, poliomyelitis, encephalitis, and spinal meningitis. These policies are designed to supplement major medical policies.
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special risk insurance: Coverage for risks or hazards of a special or unusual nature.
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solvency: The minimum standard of financial health for an insurance company, when assets exceed liabilities.
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social security freeze: A long-term disability provision that guarantees that Social Security benefits will not be changed regardless of changes in the Social Security law.
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single-premium whole life insurance: A whole life policy that provides protection for the duration of the insured’s life in exchange for the payment of the total premium in one lump sum at the time of application.
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short-term disability income insurance: Insurance that provides benefits only for loss from illness or disease and excludes loss from accident or injury.
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