Where a broker effects an insurance or reinsurance contract with underwriters on behalf of its client.
Tag: RAW
Placement Slip
A temporary agreement outlining reinsurance terms and conditions for which coverage has been effected, pending replacement by a formal reinsurance contract. Also known as a binder, confirmation, slip and in some circumstances, cover note. The use of placement slips has been reduced as a result of “contract certainty” and other “full contract at inception” initiatives.
Placing
(1) Effecting an insurance (2) An insurance which has been effected.
Placing broker
This term may refer to an individual broker or a broking firm that places cover directly with one or more underwriters. Compare producing broker.
Placing Slip
The slip used by a broker in negotiating an Insurance or Reinsurance contract.
Plain English
A ‘campaign’ joined by a number of insurers to combat criticism that policies are written in almost incomprehensible language. These insurers endeavour to use language their policyholders regard as easier to understand.
Plain English Policies
Policy forms with clauses written in everyday language for the layman.
Plain form of policy
A policy without clauses attached like the defunct S.G. (ship and goods) form used by Lloyd’s from 1799 until 1983. It remained in use because all of its words and phrases had been defined in the courts. The current MAR form expresses the agreement to insure and adds detailed cover through the Institute Clauses.
Plain Language Laws
Law that requires policies to be written in everyday language so that the same are usually understood. Technical terms with their technical meanings are used only where required by law or substitution would be misleading.
Plain language laws (Legal Terminology)
A state law mandating that laws be written in easy-to-understand language. More complicated terms are only used if a simple term cannot be substituted without confusing the law’s meaning.