Glossary

The "say-on-pay" provision is a key provision within the Dodd-Frank Act that requires publicly held companies to submit executive compensation plans to nonbinding, advisory votes by shareholders every 3 years.

A schedule is a list of an insured's locations or property such as computers, mobile equipment, or vehicles.

Scheduled limits are separate property insurance limits that apply to each type of covered property interest (building, personal property, business income, etc.) at each covered location.

Scheduled loss is a permanent partial disability that is rated and paid based on a schedule in the state statute.

A schedule bond is a fidelity bond in which covered persons (usually employees) are listed by name with a corresponding coverage limit for each individual listed.

A "Schedule P" reserve is a liability loss reserve relating to the business written by a property-casualty (P&C) insurer that must be shown on Schedule P of the convention blanks required by the National Association of Insurance Commissioners (NAIC).

Schedule rating refers to modification of manual rates either upward (debits) or downward (credits) to reflect the individual risk characteristics of the subject of insurance.

School board liability coverage is a type of directors and officers liability policy that protects school board members and, if so arranged, employees against claims alleging errors and omissions (E&O) in performing their duties.

Sears v. Commissioner is one of three cases decided in January 1991 in which premiums paid to wholly owned insurance companies were deemed deductible expenses.

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).