| Self-insurance | An employer decides to retain the risk. |
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| Share Capital | It represents equity capital and preference capital |
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| Sharpe Measure | It is a variation of the Treynor measure except that it employs standard deviation, not beta, as the measure of risk. |
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| Single Premium Annuity | An annuity that is purchased with only one premium payment. A single premium annuity can be an immediate annuity or a deferred annuity. |
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| Single Purchase Annuity Contract | A group contract in which a single premium is applied to purchase annuities for participants in a pension plan that is terminating. Immediate annuities are purchased for current retirees in the plan, and deferred annuities are purchased for participants who have not yet reached retirement age. |
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| Single-Premium Deferred Annuity (SPDA) | A deferred annuity for which only one premium payment is made. |
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| Single-Premium Whole Life Insurance | Whole life insurance purchased with a single, lump-sum premium. |
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| Social insurance | Insurance packages run by the Govt. aimed at social benefits to the poor segment of the population. |
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| Soft insurance market | Underwriting standards are more liberal and premiums are relatively low. |
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| Speculative risk | Gambling that creates risk. |
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| Spouse and Children's Insurance Rider | A rider that may be added to a permanent life insurance policy to provide term insurance coverage on the insured's spouse and children |
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| Standard Deviation | A measure of risk in finance |
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| Straight deductible | A stated amount is invariably deducted in case of claim. |
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| Subjective risk | Uncertainty based on the persons state of mind. |
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| Subrogation | Substitution of the insurer in place of the insured for the purpose of claiming indemnity from a negligent third party for a loss covered by insurance. |
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| Suicide Clause | In one year from the date of commencement of the policy, if cause of death is suicide; in that case, death claim is not paid. |
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| SUM ASSURED | The amount of insurance cover provided under the terms and conditions of a life insurance policy. |
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| Surrender Charge | (1) Expense charges sometimes imposed when a policyowner surrenders a universal life policy. (2) A charge imposed if the contract owner surrenders a deferred annuity policy within a stated number of years after it was purchased. |
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| SURRENDER VALUE | The amount of cash that is due to an insured who surrenders a life insurance policy which has acquired a cash value. A life policy would have a cash value after 3 years of being in force. |
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| Surrender value | The present value of the paid-up value and final settlement is done. |
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| Survivor Benefit | A benefit provided by most deferred annuity policies under which the annuity's accumulated value is paid to a designated beneficiary if the annuitant or contract owner dies before annuity benefit payments begin. Also called death benefit |
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