Glossary

Standard exceptions are certain classes of employees in workers compensation insurance who are common to many types of business and are separately rated unless included specifically in the wording of the governing occupational classification.

Standard fire policy jurisdictions have laws requiring that all property policies provide coverage that is at least equivalent to that provided by a standard fire policy.

Standard form or policy describes an insurance policy form that is designed to be used by many different insurers and has exactly the same provisions regardless of the insurer issuing the policy.

The Standard Industrial Classification is an obsolete system for classifying entities by type of economic activity.

The standard market is a term often used to refer to licensed or admitted insurers. In contrast, unlicensed or nonadmitted insurers are considered part of the nonstandard market, which is commonly called the excess and surplus lines market.

Standard premium is the premium developed by multiplying the appropriate rate by the proper exposure unit.

A Standard Property Policy (CP 00 99) is a restrictive Insurance Services Office, Inc. (ISO), commercial property policy intended for use when, for underwriting reasons, coverage would otherwise be unavailable.

Standby assistance refers to the presence of another person within arm's reach required to prevent injury during the performance of one of the activities of daily living.

Stare decisis is Latin for "to stand by the decision." As a principle of law, it refers to courts adhering to precedents and not changing established rulings.

State average weekly wage represents the average of wages paid to the workers in a state over a calendar year period.