- 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.
- 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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- 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 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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