UK: same as closed line (see also written line).
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The underwriter’s participation in a risk after the lines have been reduced, as necessary, to total 100% of the actual amount at risk.
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This refers to the amount of a given risk that an underwriter has agreed to accept. It may be the same as the underwriter’s written line or, if there is signing down, a lower amount. The amount of a syndicate’s signed line should be shown in a table in the policy, where one is issued.
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UK: Underwriter’s participation in a risk after the lines have been shortclosed from the written line (on the slip) to 100 per cent of the amount at risk.