Glossary

Seasonal risk indicates a business that operates during only part of the year (such as a ski resort) or experiences seasonal peaks of production or income (such as a toy manufacturer).

The secondary beneficiary is the person named to receive benefits if the primary beneficiary is not alive upon the death of the insured or if the primary beneficiary does not collect all benefits before their own death.

In commercial auto insurance rating, the secondary classification is based on the specific industry for which the vehicle is being used.

Secondary dependent properties is a commercial property insurance term relating to dependent properties business income or extra expense coverage (previously referred to as contingent business income or extra expense coverage).

Under federal law, Medicare is a secondary payer (only secondarily responsible) for paying medical expenses for individuals covered by Medicare who are also covered by any type of private insurance.

Second surplus reinsurance refers to a reinsurance treaty that is supplementary to a first surplus treaty.

Section 501(c) of the US Internal Revenue Code is the section under which a significant number of nonprofit corporations/associations in the United States are organized.

Section 702 of the Civil Rights Act of 1964 exempts religious organizations from the Act's bar on religious discrimination against employees.

The Securities Act of 1933 ensures the availability of complete and reliable information about securities being sold to the public.

Securities class action claims are brought by a publicly held corporation's shareholders alleging that actions by the firm's directors and officers caused a loss in market value of the firm's shares.