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Slip

Slip

Definition

The piece of paper containing all the pertinent information regarding the risk and the insurance terms and conditions that the broker submits to the underwriter at Lloyd's of London. Should the underwriter decide to participate on the risk, the percentage and pricing are recorded in addition to the underwriter's signature. The process is then repeated until the slip is completely filled. The slip forms the basis for the insurance coverage contract and, in the event of a difference in wording between the slip and the policy issued from it, the slip supersedes the policy as the binding insurance document.

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