Definition and meaning of Valued policy :

See agreed value policy.

(Source Lloyd's )

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Definition and meaning of Void policy :

A contract which has no legal effect and is therefore unenforceable in a court of law. For example, an insurance contract where the policyholder does not have an insurable interest.

(Source Lloyd's )

Also see these pages: Void policy , Insurance, Insurance Sitemap, Insurance Dictionary - V

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Definition and meaning of Unearned premium :

The proportion of premium that relates to the unused period of cover.

(Source Lloyd's )

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Definition and meaning of Underwriting capacity :

Depending on the context this term may refer to:

 (a) a memberÕs allocated capacity

 (b) syndicate allocated capacity, with or without the addition of cover from qualifying quota share reinsurance;

 (c) the total underwriting capacity of all syndicates combined, with or without the addition of cover from qualifying quota share reinsurance; or

 (d) the underwriting capacity of an insurance company or a reinsurance company.

 Underwriting stamp

 The stamp that is applied to a slip by an underwriter to signify his acceptance of a risk. It shows the number and pseudonym of the syndicate or the name of the (re)insurance company for whom the underwriter acts and has a space for his underwriting reference to be inserted. The underwriter will insert his line on a slip next to his underwriting stamp.

(Source Lloyd's )

Also see these pages: Underwriting capacity , Insurance, Insurance Sitemap, Insurance Dictionary - U

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Definition and meaning of Underwriter :

Depending on the context this term may refer to:

 (a)the individual who is responsible for underwriting a particular insurance or reinsurance contract and who is either an employee of a managing agent, an insurance company or reinsurance company or an employee of a coverholder or any similar underwriting agent.

 (b)an individual member or company that insures or reinsures a risk.

(Source Lloyd's )

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Definition and meaning of Underwriters :

Depending on the context this term may refer to:

 (a) the employees of managing agents, insurance companies and reinsurance companies and their respective underwriting agents that underwrite insurance or reinsurance risks;

 (b)the members or other carriers that underwrite a particular contract ofinsurance or reinsurance;

 (c)members collectively; or

 (d)insurers and reinsurers collectively.

(Source Lloyd's )

Also see these pages: Underwriters , Insurance, Insurance Sitemap, Insurance Dictionary - U

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Definition and meaning of Underwriting agent :

Depending on the context this term may refer to:

 (a) a managing agent or a membersÕ agent; or

 (b) an individual or firm that is authorised by a managing agent or an insurer/reinsurer to enter into contracts of insurance or reinsurance for the account of the members of a syndicate or (in the case of an insurer or reinsurer) itself. A coverholder is an example of this type of underwriting agent.

(Source Lloyd's )

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Definition and meaning of Voidable contract :

A contract which may be voided at the option of either party. For example, an insurer may avoid a policy from inception for the misrepresentation or non-disclosure of material facts during the negotiation of the placement, renewal or alteration of cover. A insurer may also avoid a policy from the date of the presentation of a fraudulent claim

(Source Lloyd's )

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Definition and meaning of War and civil war risks exclusion agreement :

An agreement between Lloyd's underwriters and non-marine insurance companies that they will not cover certain war and civil war risks on land.

(Source Lloyd's )

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Definition and meaning of Xchanging :

An outsource provider of policy, premium and claims processing services to the LloydÕs market and others. These services are delivered via its operating subsidiaries, Ins-Sure Services and Xchanging claims services.

(Source Lloyd's )

Also see these pages: Xchanging , Insurance, Insurance Sitemap, Insurance Dictionary - X

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Definition and meaning of Year of account :

The year in which an insurance or reinsurance contract that is underwritten by a syndicate is allocated for accounting purposes and into which all premiums and claims arising in respect of that contract are payable. Insurance or reinsurance contracts are generally allocated to years of account according to the calendar year of their inception date so that a contract that commences in 2005 will normally be allocated to the 2005 year of account.

 Historically syndicates have operated a three year accounting system which means that each calendar is normally left open for two further years before a profit or loss is determined. A year of account is normally closed by reinsurance to close at the end of 36 months. Compare open year of account and run-off account.

(Source Lloyd's )

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Definition and meaning of accelerated benefits :

accelerated benefits: Benefits available in some life insurance policies before death, usually triggered by long-term, catastrophic or terminal illness. Also known as living benefits.

(Source: Bank of America )

Also see these pages: accelerated benefits , Insurance, Insurance Sitemap, Insurance Dictionary - A

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Definition and meaning of accident :

accident: An event that is unforeseen, unexpected, and unintended.

(Source: Bank of America )

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Definition and meaning of Written 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 brokerÕs 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%.

(Source Lloyd's )

Also see these pages: Written line , Insurance, Insurance Sitemap, Insurance Dictionary - W

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Definition and meaning of Working member :

A member who occupies himself principally with the conduct of business at LloydÕs by a LloydÕs broker or underwriting agent, or a member who has retired but who immediately before his retirement occupied himself in this way.

(Source Lloyd's )

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For more dictionary entries, see » Insurance Dictionary

Definition and meaning of War risk waterborne agreement :

A marine market agreement whereby underwriters will only cover goods against war risks whilst they are on the vessel subject to a time limit after arrival at the port of destination. There is reduced cover for offloading and transhipment at the port of destination.

(Source Lloyd's )

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Definition and meaning of Warranty :

Where an insured or reassured promises that something will or will not be done during the period of cover or that a particular state of affairs exists or does not exist at the inception of cover. If the promise is untrue or is not kept then the insurer/reinsurer may disclaim all liability under the policy from the date of the breach, regardless as to whether the false declaration was material to the underwriting of the contract or causative of any loss.

(Source Lloyd's )

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Definition and meaning of Wear and tear :

The amount deducted from a claims payment in recognition of the depreciation of the property insured through usage of it over time. Where cover is provided on a Ònew for old basisÓ i.e. where the insurer agrees to replace an old item with a similar new one, no such deduction is made.

(Source Lloyd's )

Also see these pages: Wear and tear , Insurance, Insurance Sitemap, Insurance Dictionary - W

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of Underwrite :

This term may refer to

 (a) The process of evaluating, defining and pricing insurance and reinsurance risksincluding where appropriate the rejection of such risks.

 (b)The acceptance of the obligation to pay or indemnify the insured or reassured under a contract of insurance or reinsurance.

(Source Lloyd's )

Also see these pages: Underwrite , Insurance, Insurance Sitemap, Insurance Dictionary - U

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of Under insurance :

Where the sum insured does not represent the true value of the property insured. See average for an explanation of the consequences of under insurance.

(Source Lloyd's )

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Definition and meaning of Syndicate allocated capacity :

The aggregate of the premium income limits of each of the members of the syndicate for a given year of account, stated in pounds sterling. It represents the amount of premium that the members of a syndicate may accept in that year of account without the benefit of a qualifying quota share reinsurance contract.

(Source Lloyd's )

Also see these pages: Syndicate allocated capacity , Insurance, Insurance Sitemap, Insurance Dictionary - S

For more dictionary entries, see » Insurance Dictionary

Definition and meaning of Syndicate business forecast :

A statement of the expected range of results of each open year of account of a syndicate that is submitted to LloydÕs by its managing agent in mid year together with the managing agentÕs expectations for the next year of account.

(Source Lloyd's )

Also see these pages: Syndicate business forecast , Insurance, Insurance Sitemap, Insurance Dictionary - S

For more dictionary entries, see » Insurance Dictionary