Glossary

Single-entry multiple company interface is a term describing a system that allows the user to enter and store data and communicate that data to multiple other companies. This technology is the basis for most agency management computer systems. The interface allows data to be selectively retrieved and transmitted to multiple insurers and vendors for quoting, policy issue, and inquiry, without the need to rekey the information.

A single-owner captive is a captive with a single shareholder. It may be referred to as a "single parent" captive. The single-owner captive is not necessarily a "pure" captive since it may be used primarily to insure or reinsure nonshareholder risks.

Single entity coverage is one of three approaches used for condominium insurance coverage. Under a "single entity" approach, the condominium association master policy covers virtually all real property in a residential condominium structure, including fixtures in individual units. Note that this coverage does not include any structural improvements, betterments, or additions that the individual unit owner has made. With this approach, the unit owner is responsible for covering only their personal property (along with any improvements or betterments) under the HO 6 or unit owners form. The other two methods to coordinate this coverage are the "bare walls" coverage and the "all inclusive" coverage. The condominium association rules and covenants typically specify which approach is required.

Single interest insurance is property insurance protecting the interest of only one of the parties having an insurable interest in the property. It usually refers to insurance protecting a mortgagee or other lending institution but not the owner-borrower.

Single premium insurance is an insurance policy or annuity bought with one premium with no further premiums due during the term of the contract.

A single premium variable life insurance policy is a single premium life policy where the entire premium is paid in a lump sum at the policy's inception and allows the policy owner to select from a menu of managed stock, bond, and money market subaccounts or a fixed account for the investment of the premium.

A single premium whole life insurance policy is a single premium life insurance policy where the entire premium is paid in a lump sum at the policy's inception. In a mutual company, a participating policy may qualify for dividends as well as the guaranteed increase in the cash value of the policy.

The Single State Registration System (SSRS) is used for registering interstate motor carriers' operating authority and proof of insurance with one base state rather than with each individual state in which it travels. SSRS officially ended as of January 1, 2007, and was replaced by the Unified Carrier Registration Agreement (UCRA).

A sinkhole collapse is a sudden sinking or collapse of land into underground empty spaces created by the action of water on limestone or similar rock formations. Sinkhole collapse does not occur everywhere; it is common in Florida and Pennsylvania. This peril is covered in all three of the commercial property causes of loss forms. It is not covered by the basic homeowners policy, but coverage may be added by endorsement.

A sistership liability exclusion is a general liability exclusion applicable to damages claimed for the withdrawal, inspection, repair, replacement, or loss of use of the named insured's product or work completed by or for the named insured or of any property of which such products or work form a part. It is commonly referred to as a "product recall" exclusion.