Dictionary

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Safe Burglary Policy

A Crime insurance policy that is designed to cover burglary of property from a safe or the felonious removal of the entire safe from the premises.

Sale-Leaseback

A technique in which a seller deeds the property to a buyer for consideration and the buyer simultaneously leases the property back to the seller.

Sales Comparison Approach

The process of estimating the value of a property by examining and comparing actual sales of comparable properties.

Sales Contract

A contract containing the complete terms of the agreement between buyers and sellers for the sale of a particular parcel or parcels of real estate.

Salesperson

A person who performs real estate activities while employed by or associated with a licensed real estate broker.

Salvage

Property taken over by an insurance company to reduce its loss. The company may dispose of salvage property as it wishes, but on request and proper reimbursement, may return it to the insured.

Satisfaction of Mortgage

A document acknowledging the payment of a debt.

Schedule

A list of specified amounts payable for surgical procedures on Basic Medical Expense policies. Some policies utilize a Relative Value Schedule, where they only show a dollar limit for the most serious surgery covered and all other surgeries are covered “relative” (or as a %) to that amount.

Second-Injury Fund

A fund established under Workers’ Compensation laws in most states to help pay any increased compensation that may result when an employee with a previous injury is injured again.

Second Mortgage

A mortgage that has a lien position subordinate to the first mortgage.