Glossary

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. A standby assistance example would be if an individual needs somebody standing by to catch them in case they fall getting in and out of the bath. Standby assistance is a lesser requirement for triggering of long-term care insurance policy benefits than the requirement for hands-on assistance.

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. In workers compensation insurance, this figure has many applications. It is utilized by the state to annually set benefit payment levels available to injured workers and in many jurisdictions is used to determine the payroll limitation caps for sole proprietors, partners, executive officers, and limited liability company members.

A State Emergency Response Commission (SERC) is a commission appointed by each state governor according to the requirements of Superfund Amendments and Reauthorization Act (SARA) of 1986 Title III. The SERCs designate emergency planning districts, appoint local emergency planning committees, and supervise and coordinate their activities.

State funds are state-owned and operated organizations that write workers compensation insurance. Some states have monopolistic funds, which are the only market for workers compensation insurance in those states. Other states have competitive funds that compete with insurers in that state. (Note that several of these funds also write workers compensation in additional states.) The monopolistic fund states are North Dakota, Ohio, Washington, and Wyoming. Puerto Rico and the US Virgin Islands also have monopolistic funds. Currently, 19 other states offer the option of purchasing workers compensation insurance from a competitive state fund.

State implementation plans are approved state plans for the establishment, regulation, and enforcement of air pollution standards as established by the federal Environmental Protection Agency (EPA).

Static risk modeling involves using specified assumptions to illustrate the financial impact of losses. A static risk model is useful to project financial results for one type of risk in a stable operating environment. Integrated risk modeling (noncorrelated risks within the same organization) may require a dynamic approach.

Statistical codes are code numbers—for example, workers compensation classification codes or industry codes—that are assigned for the purpose of gathering historical data for statistical reporting and ratemaking.

Statistical method involves a risk modeling method based on observed statistical qualities of (and among) random variables without regard to cause-and-effect relationships. The principal advantage over structural models is ease of model parameterization from available (often public) data.

Status in an insurance context is a test used to determine whether an employee qualifies as a seaman under the Jones Act or as a longshoreman or harbor worker under the Longshore and Harbor Workers' Compensation Act (LHWCA). To consider whether an employee qualifies as a seaman, their job must contribute to the function of a ship or its mission. For a longshoreman or harbor worker, the requirement is that the employment involves the loading and unloading of ships or the maintenance, repair, or dismantling of ships. Note that, under the LHWCA, even if an employee proves "status," "situs" must also be established in order to gain benefits under the Act.