Global Industry Guide
Your guide to the global insurance industry.
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Glossary: S
SPECIAL RISK INSURANCE
Special risk insurance is cover for unusual or non-standard situations. Bellwood Prestbury is expert at providing special risk insurance for war zones, terrorism, cargos in trouble hotspots and many other non-standard international requirements.
STATE EARNINGS RELATED PENSION SCHEME (SERPS):
UK retirement savings scheme. Employees contribute through National Insurance payments, and the amount of benefit depends on earnings and the amount of National Insurance contributions paid.
STOCK EXCHANGE:
A marketplace where stocks and shares and other financial instruments can be traded. Most major financial centres – examples include London, New York, Paris, Hong Kong and Tokyo – have their own stock exchange with a centralised dealing system and strict operating rules and regulations.
SUM INSURED:
The lump sum benefit payable under an insurance policy or contract in circumstances defined within the policy (usually it represents an amount payable on death).
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