Chapter 9: Underwriters Flashcards
Define ‘underwriter’
The person who makes a decision on the behalf og the insurer whether to accept any risk presented
Define ‘scratch’
The combination of initials and date that underwriters use to indicate they have seen the presentation made
Define ‘subscription market’
More than one insurer participates on the same risk
Define ‘leader’
The underwriter who reviews the risk, assess it, designs the coverage, and determines the premium rate
Define ‘following market underwriters’
Those who follow the lead underwriter
Define ‘competition law’
The law prohibits behaviur where the competituve nature of the insurance market is removed
What is a bureau leader?
The first lloyd’s underwriter on a slip (if the slip is company market/London market mix)
WHat is BIPAR?
European federation of insurance intermediaries
