To provide the insurance cover.
Tag: UK
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 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.