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Signed line

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.

Significant influence

The influence that an approved person has over any of the controlled functions (1 to 20 in the FSA’s table of controlled functions). Persons with significant influence must: (a) take reasonable steps to ensure that the firm’s regulated business is so organised that it can be controlled effectively; (b) exercise due skill, care and diligence in managing that business; and (c) take reasonable steps to ensure that the business complies with relevant regulatory requirements. (Visit www.fsa.gov.uk).

Signing down

UK: See: SHORT CLOSING.
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The process of reducing. Pro-rata, the proportion of risk that each co-insurer has accepted for a given risk where the slip has been more than 100% subscribed.
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Where a risk is oversubscribed, which is to say that the underwriters’ written lines exceed 100% then, absent some contrary instruction, those lines will be proportionally reduced (‘signed down’) by the broker until they total 100%. An underwriter may insist on preserving his written line in which event the written lines of the other underwriters will be proportionally reduced until they total 100% when added to the preserved written line of the other underwriter.

silent preferred provider organization (silent PPO)

Type of managed care plan that has a contract with a clause that allows the plan to assign the contract, or parts of it, to another third party. These contracts are considered legal in most states. If an explanation of benefits document has “network discount applied,” then investigate further into the claim to determine if a silent PPO is operating. Always precertify procedures and look at patients’ insurance cards even if the patients are established because this may help discover silent PPOs. Also called blind PPO, phantom PPO, discounted indemnity plans, nondirected PPO , or wraparound PPO .

Silent risk

A risk or insurance in respect of premises where no activities are currently undertaken and no machinery used.
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Premises in which no trade is carried on or no machinery is worked for manufacturing purposes.

Silent Risks for Fire Insurance

Factories where no manufacturing/storage activities are carried out continuously for 30 days or more – Retention of the premium shall be based on the appropriate storage rate or silent risk rate of Rs. 1.00%-o whichever is higher for the silent period. The silent rates are not applicable if a risk goes silent following a loss under the policy. Risks becoming silent are not eligible for any other discount.

Simple repair

Physical restoration of damaged tissue when the wound is superficial (e.g., involving primarily epidermis or dermis or subcutaneous tissues without significant involvement of deeper structures, requiring one-layer closure).