Glossary

Structured finance involves a capital management process that typically utilizes a highly structured combination of risk transfer, risk retention, and risk financing.

A structured settlement refers to a settlement under which the plaintiff agrees to accept a stream of payments in lieu of a lump sum.

Suability factor signifies the likelihood of a legally liable insured being sued for alleged injuries or damage to a third party.

Subbroker is a second intermediary from whom a first reinsurance intermediary obtains reinsurance business to be placed.

The subcontractor exception is an exception to the "damage to your work" exclusion of the commercial general liability (CGL) policy that restores coverage when the damaged work, or the work causing the damage, was performed by the named insured's subcontractor.

Subguard is a proprietary term for a specific insurer's subcontractor default insurance policy.

Subjective symptoms are examination findings that are under the patient's control, such as pain and range of motion.

Subject business is a shorthand way of expressing "business of the class, size, and limitations" covered under a reinsurance agreement.

Subject of insurance involves one or more units of exposure potentially involved in a single-loss event.

Subject policies are issued by the original insurer (the "original policies") subject to the terms of a treaty reinsurance agreement.