| WORD | DESCRIPTION |
| Secondary Beneficiary | An alternate beneficiary designed to receive payment usually in the event the original beneficiary predeceases the insured. |
| Shortage | It refers to the shortfall of funds that a family may have to face in the event of death of the policyholder. This happens when expenses exceed family income. |
| Single Premium Policy | A whole life policy for people who want to buy a policy for a one-time lump sum and then be covered for the rest of their lives without paying any additional premiums. |
| Standard Risk | Person who according to a company's underwriting standards is entitled to insurance protection without extra rating or special restrictions. |
| Substandard Risk | Person who is considered an under-average or impaired insurance risk because of physical conditions family or personal history of disease, occupation, residence in unhealthy climate or dangerous habits. |
| Sum Assured | The amount that the assurer agrees to pay on the occurrence of an event. |
| Surrender Value | If a policy is surrendered before the maturity date of a policy, the sum that is payable at that point is called the surrender value. |
