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

SPECIAL AUDIT

An assessment that is based on an auditor’s report that asks for the further analysis of a business practice.

SPECIAL MULTI PERIL (SMP)

A policy that eliminates the need for more than one contract by combining all of them into the same policy.

SPECIAL NEEDS TRUST

A supplememntal fund given to a person with a disability that does not jeopardise any government support payments.

SPECIAL LIEN

A lien that includes the right to sell a property in default after giving notice and without getting a foreclosure.

SPECIAL AGENT

See general agent also. The agent who acts only for a principal and only for a particular purpose.

REGRESSION ANALYSIS (RA)

Statistical approach to forecasting conversion in a dependent variable based on change in one or more independent variables. Also known also as curve fitting or line fitting.

SPECIAL TOOLING

Any specialised equipment that can be only be used for a specific purpose. Items like gauges, dies, molds, jigs, patterns.

SPECIAL REPORT

An auditor certified document that measures how a company or business has complied with GAAP.

REGRESSION TOWARDS THE MEAN

The statistical propensity of a data series to gravitate towards the center of a distribution, provided it starts on the either end of the distribution and is free to fluctuate.

REGRESSION EQUATION

An equation in math used to determine various predictions about a specific variable as it relates to other variables.

SPECIAL COVERAGE FORM

Offer a broad coverage to any property, commercial or personal that will cover all risks but might have a lot of other exclusions.

SPECIAL RESOLUTION

A resolution that requires an important decision to alter terms of articles of association or memorandam of association. It requires no less than 21 days notice, no less than 3/4 of the

SPECIAL PURPOSE CORPORATION (SPC)

A legal entitiy that is created in order to insulate an issuer of an asset based security from the originator of said asset. A special purpose vehicle.

SOLID STATE

Matter that is in a crystalline form rather than a liquid or amorphous state.

SPECIAL ACCEPTANCE

A risk acceptance that is not automatically accepted by a reinsurance contract.

REGRESSIVE TAX

The taxation that takes place on a larger percentage of a lower income and smaller percentage of an income that is higher.

SPECIAL DRAWING RIGHTS (SDR)

Created in 1970 by International Monetary fund to coincide with a a disfavour in the US dollar as the main world currency. It is an accounting entry.

SOPHISTICATED INVESTOR

An investor with experience to marketing knowledge able to evaluate investments and their potential.

SOCIAL CAPITAL

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

SOCIAL CLASS

A hierarchy of status where people are classified according to wealth and prestige. It refers to any level present.

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