SAFFIR SIMPSON SCALE
A 1-5 rating based on a hurricane’s present intensity. This is used to give an estimate of the potential property damage and flooding expected along the coast from a hurricane landfall. Wind speed is the determining factor in the scale.
SCHEDULED PROPERTY
Listing specific personal property for a stated insured value. This is usually considered for valuable items that are subject to limited coverage.
SINK HOLE
A sinkhole is a localized depression in the surface topography, usually caused by the collapse of a subterranean structure, such as a cave. Although rare, large sinkholes that develop suddenly in populated areas can lead to the collapse of buildings and other structures.
STORM SURGE
A storm surge is an onshore rush of water associated with a low pressure weather system, typically a tropical cyclone. Storm surge is caused primarily by high winds pushing on the ocean’s surface. The wind causes the water to pile up higher than the ordinary sea level. Storm surges are particularly damaging when they occur at the time of high tide, combing the effects of the surge and the tide.
SOLAR FLARE
A solar flare is a violent explosion in the Sun's atmosphere with an energy equivalent to tens of millions of hydrogen bombs. Solar flares take place in the solar corona and chromosphere, heating the gas to tens of millions of kelvins and accelerating electrons, protons and heavier ions to near the speed of light. They produce electromagnetic radiation across the spectrum at all wavelengths from long-wave radio signals to the shortest wavelength gamma rays. Solar flare emissions are a danger to orbiting satellites, manned space missions, communications systems, and power grid systems.
SYNTHETIC GUARANTEED INVESTMENT CONTRACT
Modified guaranteed investment contract in which the underlying assets of the synthetic contract are owed by the plan itself rather than the insurance company as is the case with the GIC. This ownership rights is of particular importance if there is a concern about the long term financial soundness of an insurance company. The synthetic plan segregates the plan’s assets from the assets of the insurance company.
SUBROGATION
The circumstance where an insurance company takes the place of an insured in bringing a liability suit against a third party who caused injury to the insured.
SUBSIDENCE
Movement of the land on which property is situated. A structure built on a hillside may slide down the hill due to
earth movement caused by heavy rains.