- Insurable Value Sigorta Değeri (Gerçek Değer)
- The actual economic value of the insured subject matter at the time of loss, determined by market value or replacement cost (insurable value / gerçek değer). Three figures must not be conflated: (1) Insurable Value (Sigorta Değeri) = the asset's true economic worth; (2) Sum Insured (Sigorta Bedeli) = the limit of indemnity declared in the policy; (3) Indemnity (Tazminat) = the amount actually payable by the insurer — the lower of the actual loss and the sum insured. When the sum insured is less than the insurable value, underinsurance (eksik sigorta) arises and the indemnity is proportionally reduced under the average (pro-rata) clause.
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- SEDDK
- Sigortacılık ve Özel Emeklilik Düzenleme ve Denetleme Kurumu — the Insurance and Private Pension Regulation and Supervision Agency of Turkey. SEDDK is the independent regulatory authority for the Turkish insurance, reinsurance and private pension sectors, established as an independent body in 2022 under Law No. 7415. All insurers, reinsurers and brokers operating in Turkey must be licensed by SEDDK.
- Schedule Sedül
- The section of an insurance or reinsurance policy that sets out the specific details applicable to that contract: insured name, period of cover, sums insured, limits, deductibles, premium and endorsements. The schedule individualises the generic policy wording for the specific insured and risk.
- Securities Liability Coverage Menkul Kıymet Sorumluluk Teminatı
- A D&O extension protecting directors, officers and the company entity against investor claims alleging misrepresentation or negligence in securities transactions. US Securities Act (1933) and Exchange Act (1934) claims are typical triggers; also relevant for Turkish Borsa İstanbul-listed companies.
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- Slip (Cover Note) Slip
- A brief document used in reinsurance and London market insurance to record the agreement between the parties prior to the issue of the full policy wording. The slip states the key terms: risk details, period, line sizes, premium and main conditions. Each reinsurer indicates acceptance by signing or stamping the slip for its share.
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- Social Engineering Fraud Coverage Sosyal Mühendislik Dolandırıcılığı Kapsam
- Coverage for losses caused when attackers impersonate a trusted person or organisation (via email, phone or fake website) to trick employees into making unauthorised transfers or disclosing confidential information. Frequently added as an endorsement to crime or cyber policies.
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- Stop Loss Reinsurance Stop Loss Reasüransı
- A non-proportional treaty triggered when the cedant's aggregate loss ratio for the period exceeds an agreed retention expressed as a percentage of premium. It protects against an overall poor underwriting year rather than any single large event.
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- Subrogation Rücu
- The right of an insurer, having paid a claim to the insured, to step into the insured's shoes and pursue any rights of recovery against a third party responsible for the loss. Subrogation prevents the insured from recovering twice (from the insurer and the third party) and enables the insurer to recoup the claim payment from the at-fault party.
- Surety / Guarantor Kefil (Garantör)
- One of the three parties in a surety arrangement; the insurer or bank that guarantees the principal's obligation to the obligee. If the principal defaults, the surety pays the obligee and retains the right to recover from the principal (indemnity).
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- Surety Bond Kefalet Sigortası
- A three-party guarantee instrument issued by an insurance company (the surety) guaranteeing to a beneficiary (obligee) that a principal (contractor or obligor) will fulfil its contractual or statutory obligations. If the principal defaults, the surety compensates the obligee. Unlike bank guarantees, surety bonds do not consume the principal's banking credit lines.
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- Surety Bond vs Bank Guarantee Kefalet Senedi ile Banka Garantisi Farkı
- A surety bond is issued by an insurance company and does not utilise a credit line; a bank guarantee is issued by a bank and creates balance-sheet debt. The surety bond includes independent pre-claim assessment of the principal, preserves cash flow and can often be issued without collateral.
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