See: closed panel program.
Tag: RAW
Closing
That portion of the insurance sales presentation when a prospective applicant has made a purchase commitment for insurance coverage and signs the sales proposal or application form.
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Completion of an insurance.
Closing a risk
The procedure for submitting accounting details to an underwriter who has written a risk. May be combined with a Policy signing procedure.
Closing an account
Making a Reinsurance provision to cover outstanding losses, so that reserves and profit can be released.
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Refer: “Reinsurance, Closing an account”
Closing Form
An instruction form completed by a reassured and sent to his broker giving closing details for a risk that the broker has placed on his behalf.
Closing instructions
An advice sent by a broker to an insurer who has taken a line on a slip specifying the actual proportion of risk allocated to the insurer and the actual premium receivable. If a slip is oversubscribed, the broker scales down and apportions the risk pro rata. See SHORT CLOSING.
Closing Particular
Final advice on full particulars of risk for which placement with reinsurer is completed.
Closing slip
See: Closing Instructions.
Cloud on the Title
An outstanding claim or encumbrance which, if valid, would affect or impair the owner’s title; a mortgage or judgment.