underwrit

Meanings

• noun

  A person or organization that assumes and accepts the risk of loss in return for a premium in insurance.

  - "The underwriters at Lloyd's of London are famous for their role in assessing and accepting risks."
  - "The insurance company acted as the underwriter for the policy."

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Variants

List of all variants of underwrit that leads to same result
underwrite , underwrites , underwriting , underwritten , underwrote

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Etymology

origin and the way in which meanings have changed throughout history.

Originally, underwriters were individuals who wrote their names under the names of those they insured, guaranteeing payment of claims.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Underwriting was originally used in the maritime industry to refer to the process of inspecting a ship and its cargo before a voyage.

2. The term 'underwriter' comes from the practice of underwriters writing their names under the names of those they insured, guaranteeing payment of claims.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Insurance: Underwriting is a key process in the insurance industry, which involves assessing the risk and determining the premium for a policy.

2. Risk Management: Underwriting is an essential component of risk management, as it allows organizations and individuals to transfer risk to an insurer.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Underwriting is a crucial aspect of the insurance industry, as it allows businesses and individuals to manage risk and protect against potential losses.

How to Memorize "underwrit"

1. visualize
   

   - Imagine an underwriter as a person who stands beneath you, providing a safety net in case of loss.

2. associate
   

   - Associate the word 'underwriter' with the word 'protection', as an underwriter provides financial protection against potential losses.

3. mnemonics
   

   - Use the mnemonic 'Underwriting: Understanding Risk, Writing Policies' to help remember the definition and process of underwriting.

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