Order issued in writing by a court of law (e.g., subpoena).
Insurance Encyclopedia
Writ of mandamus
Legal order by a court compelling a regulatory officer (insurance commissioner) to perform a specific act.
Write
A term for the act of accepting an application for insurance and insuring the risk.*****
To insure or to sell Insurance.
Write business
To provide the insurance cover.
Write Your Own (WYO) Program
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.
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.