A cooperative undertaking of the insurance industry and the Federal Insurance and Mitigation Administration begun in October 1983. The WYO Program operates within the context of the NFIP and involves private insurance carriers who issue and service National Flood Insurance Program policies.
Insurance Encyclopedia
Write-off
1. Assets or debts that have been determined to be uncollectable and are therefore adjusted off the accounting books as a loss. This does not represent a discount. 2. Difference between the total fee the provider billed for a medical service and the insurance company’s allowed fee for the service.
Write-Your-Own (WYO) Program
A program available under the National Flood Insurance Program (NFIP) that allows participating insurers to issue NFIP flood insurance policies, in contrast to policies issued directly by the NFIP. WYO insurers write the coverage on their own “paper,” but the NFIP reinsures 100 percent of the coverage. Regardless of whether NFIP or a WYO insurer issues the policy, the coverage provided is identical. WYO insurers employ exactly the same policy terms that are included in policies issued directly by NFIP. The majority of flood insurance policies are written via the WYO program.
Written business
Coverage that has not begun yet, but for which an application has already been made.
Written line
The acceptance indicated by an underwriter on the broker’s slip. When the item is closed this is replaced by the signed line.
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The amount of a risk that an underwriter is willing to accept on behalf of the members of the syndicate or company for which he underwrites. This is commonly expressed as a percentage of the sum insured which is written on the broker’s placing slip. If, on completion of the broking exercise, the written lines exceed 100% then, absent some contrary instruction, they will be signed down by the broker, which is to say they will be reduced proportionately so that they total 100%.
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UK: the maximum amount of insurance that an insurer has agreed to accept when initialling a slip; it may be more than the amount actually insured by an individual insurer if the broker obtains more than 100% cover for the risk, in which case each insurer’s liability will be reduced proportionately (written down) to a closed line or signed line.
Written lines
See: SIGNED LINES. It is otherwise called a closed line.
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.