See: SIGNED LINES. It is otherwise called a closed line.
Insurance Encyclopedia
Written premium
UK: Premium income in respect of business written during the financial year regardless of the portions earned.
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US: This is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for.
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This is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for.
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The entire amount of premium on Policy contracts written by an Insurer. (2) Total amount of premium charged for the policies an Insurer “”writes”” (by selling new policies or renewing expiring ones, during a specified period, such as one month or one year. Because some policies are for terms longer than the period for which the written premiums are calculated, the premiums an Insurer writes during a particular period will not equal the premium it earns during that period. See Also: “”Premium, earned.””
Written Premiums
The entire amount in premiums due in a year for all policies issued by an insurance company.**********
The amount of premium for which cover commenced in an accounting period, either net or gross of reinsurance.
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The premiums paid on all of the policies an insurer has written during a given time frame.
Written words prevail over printed word rule
Rule of construction. Where there are both written and printed words in a policy, the policy is to be construed as a whole, but the written words are more specific than the printed word and will therefore prevail in the event of inconsistency. The written or typewritten words are specially inserted to show the intention of the parties.
Wrongful Abstraction
A term which is used usually in connection with Money and Securities coverage. Insurance covering wrongful abs traction protects against all forms of burglary, robbery and stealing.
Wrongful abstraction (Criminal)
A kind of insurance that covers robbery and burglary, usually having to do with money and securities.
Wrongful act
The event triggering coverage under many professional liability policies. Typically, a “wrongful act” is defined as an act, error, or omission that takes place within the course of performing professional services.
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UK: Loss arising from any wrongful act is the insured event under a directors’ and officers’ liability insurance. It is defined within the policy in these terms: ‘any actual or alleged breach of duty breach of trust neglect error misstatement omission breach of warranty of authority or other act done wrong fully attempted by any Director or Officer.
Wrongful acts
This is the basic covered injury or damage in a directors and officers policy. Such acts include unintentional negligent acts, omissions or breaches of duty, or errors relating to the operation of the community association. They are typically defined in D&O insurance policies to mean any act, error, omission, misstatement, misleading statement, neglect or breach of duty actually or allegedly committed or attempted by insured directors and officers in their capacity as such, or any other matter claimed against insured directors and officers solely by reason of their serving in such capacity. D&O policies only cover claims against directors and officers for such a wrongful act. In EPL policies, “wrongful act” is defined to include numerous types of wrongful employment practices, such as wrongful termination, discrimination, sexual harassment, etc. In fiduciary policies, “wrongful act” is typically defined as breach of a fiduciary duty imposed by ERISA or negligent administration of an employee benefit plan. What is a wrongful act varies from policy to policy. Some D&O policies add advertising injury and personal injury to wrongful act coverage.
Wrongful adoption
Misrepresentation or to withhold crucial facts in an adoption case (e.g., withholding medical or mental health history about a child when the parents expect to have a healthy child).
Wrongful conversion
See: Conversion. The wrongful conversion section of the motor trader’s policy covers the insured for: (a) the loss which occurs when a vehicle, purchased from a person who is not the true owner, is reclaimed by the true owner or to whom compensation has to be paid; and (b) loss following the sale of a vehicle in circumstances where the trader is unable to pass a valid title to the purchaser who may claim damages against the trader. The insurance is conditional upon the trader carrying out a check on possible hire purchase agreements that may be in force before parting with his cheque. The trader generally carries the first 20 per cent of any loss.