Glossary

A surplus line refers to risks placed with nonadmitted insurers.

A surplus lines broker is a broker who is licensed to place coverage with nonadmitted insurers (insurers not licensed to do business in a given state). Most states require an agent to have a separate license to write surplus lines coverage. Normally, these licenses are held only by insurance brokers that work for surplus lines brokerages, which are firms that mainly place specialty lines coverage.

Surplus lines insurance refers to coverage lines that need not be filed with state insurance departments as a condition of being able to offer coverage.

Surplus notes describe the evidence of a loan to a captive to get additional capital into the captive.

Surplus reinsurance refers to reinsurance of amounts that exceed a ceding company's retention.

Surplus relief involves the insurer's purchasing of reinsurance to offset unusual drains against the insurer's surplus.

Surplus share is a form of pro rata reinsurance in which the primary insurer cedes only the "surplus" liability above a specified retention.

Surrender involves withdrawing full cash value and surrendering a policy to the life insurance company.

A survey is shortened terminology describing an insurance inspector's or surveyor's study of a risk used for underwriting purposes.

A survival action is a claim made by the estate of the decedent in conjunction with a wrongful death claim, alleging damages sustained by the decedent between the time of injury until their actual death.