What does Slip mean? Read on to discover the definition & meaning of the term Slip - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Slip.