Glossary

Senior Claim Law Associate is a designation offered by the American Educational Institute (AEI).

A separate account is a fund held by a life insurance company that is maintained separately from the insurer's general assets.

A series business unit (SBU) is a self-governing and protected company formed under the umbrella of a series limited liability company, currently permitted in Delaware.

Servicemembers group life insurance refers to a low-cost group life insurance program designed by the Veterans Administration for service members on active duty, ready reservists, members of the National Guard, members of the Commissioned Corps of the National Oceanic and Atmospheric Administration and the Public Health Service, cadets and midshipmen of the four service academies, and members of the Reserve Officer Training Corps.

Service fulfillment insurance protects against losses arising from the requirement to perform services within a specified time period.

A servicing carrier is an insurer that, for a fee, issues and services insurance policies on behalf of all the insurers that are participating in an insurance program or pool.

A servicing contractors rider is an endorsement to the financial institution bond that extends coverage for fraud losses perpetrated by an outside contractor retained to service real property mortgages.

In reinsurance, a setoff or offset is an equitable right that allows parties to cancel or offset mutual debts to each other by asserting the amounts owed, subtracting one from the other, and paying only the balance.

Settlement lag is the span of time between the first report of a claim and the date of its ultimate settlement.

In life insurance, settlement options are how proceeds are paid to the designated beneficiaries.