Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Lloyd's underwriters
An unincorporated association of underwriters who, under a common name, engage in the insurance businessthrough an attorney-in-fact having authority to obligate the underwriters severally, within specified limits, on insurance contracts that the attorney makes or issues in the common name. - Also termed Lloyd's association; American Lloyd's.
Underwriter
1. INSURER. 2. One who buys stock from the issuer with an intent to resell it to the public; a person or entity, esp. an investment banker, who guarantees the sale of newly issued securities by purchasing all or part of the shares for resale to the public."The term 'underwriter' derives its meaning from former British insurance practices. When insuring their cargo shippers would seek out investors to insure their property. The insurers would add their signatures and would write their names under those of the shipper; hence the term 'underwriters.' Both in terms of the insurance industry and the securities markets, the concept of underwriting has expanded significantly since its inception." Thomas Lee Hazen, The Law of Securities Regulation ยง 2.1, at 5? (2d ed. 1994).
board of fire underwriters.
An unincorporated voluntary association made up of fire insurers.
chartered life underwriter
An underwriter who has satisfied 'the requirements set forth by The American College (formerly The American College of Life Underwriters) to be designated a life insurance underwriter. -Abbr. CLU.
insurance underwriter
1. INSURER. 2. An insurance-company employee who is responsible for determining whether to issue a policy and the amount to charge for the coverage provided.