October 2014
Intermediate to advanced
584 pages
22h 2m
English
Content preview from Pricing in General Insurance
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71The Insurance Markets
4.2.1.1 Slip System
The slip system works as follows:
1. The broker prepares a slip with the main features of the risk. The name ‘slip’
seemsto suggest something rather imsy but these days it normally includes a
substantial amount of information.
2. The broker shows the slip to one or more underwriters, who quote a premium.
3. The cedant (with the broker’s advice) selects a lead underwriter and a ‘rm order’
price.
4. The lead underwriter accepts a share of the risk (e.g. 20%) and stamps and signs
the slip.
5. The broker approaches other underwriters to offer the risk on the same terms (In
some lines of business, ...
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