Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance

SICK LEAVE

The number a days an emplyee has each year when he can stay off work and still be paid when he is too ill to go to work.

SIMILAR TO ME ERROR

A rating that is more than fair that is given to an employee or applicant due to their professional or personal similarity to the person interviewing or evaluating them.

SINGLE LIMIT

A term that refers to amount of coverage expressed as a single amount.

SINKHOLE COLLAPSE

A dangerous situation caused by the sudden collapse of a land mass into an empty space below it.

SIX SIGMA

Developed by Motorola in 1986. It is a business strategy used in many countries to improve its quality of services and products through the removal of errors and defects. 99.99966% of products

SKIP PAYMENT CLAUSE

A provision allowed in some mortgagaes where a payment can be missed or skipped as the payment has been made previuosly or there is enough money to cover the next payment.

SLOT

The small but specific time period when a commercial or ad is aired.

SMOG

The combination of smoke and fog. It now refers to the photochemical smog trapped at ground level by inversion layers in the atmosphere.

SOCIAL CAPITAL

The goodwill and trust that a company acquires from the community by understanding the concerns of citizens and addressing them.

SOCIAL LEARNING

A process where individuals can observe the behaviour in others and see its consequences and are able to modify their own behaviour accordingly.

SOCIAL STRUCTURE

The organisation of society that is based on patterns of interaction between parents, teachers and students, employees and employers that have been regulated by the accepted norms and vaues of a society.

SOFT GOODS

Goods and textiles that are made from soft goods and soft material including fur, vinyl, leather and flexible plastics.

SOFTWARE SUPPORT

The providing of after sales service to customers for updates and any problems they may encounter.

SOURCE REDUCTION

A way to reduce the amount of material that will enter a waste stream ata certain point in processing by redesigning the product and the processes involved.

SPARE PART

A component that can be replaced when it is needed to be because of malfunction or wear.

RATE MANUAL

The handbook or manual that contains all of the rates for coverage. This manual may contain other items including the guidelines to field underwriting, agent guidelines, and cash forfeiture values.

RATIO ANALYSIS

This important technique of financial analysis where quantities are converted into ratios for meaningful comparisons, with past ratios and ratios of other firms. Ratio analysis determines trends, strengths or weaknesses.

REACTION

Chemical alteration that often goes together with a release of energy and occurs naturally over time. It is purposefully generated in a laboratory, or created as part of an industrial process.

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