A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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.
****
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%.
****
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 premium

UK: Premium income in respect of business written during the financial year regardless of the portions earned.
****
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.
***
This is the premium registered on the books of an insurer or a reinsurer at the time a policy is issued and paid for.
********
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.

*********

The premiums paid on all of the policies an insurer has written during a given time frame.

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.
***
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&ampO 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&ampO 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&ampO policies add advertising injury and personal injury to wrongful act coverage.