Underwriting

Underwrite

Underwrite, means to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering, UFITEC, S.A. v. Carter, 135 Cal Rptr. 607 (1977).The expression 'underwrite' signifies 'accept liability under'. Although normally the expression 'underwrite' is used in marine insurance but the expression used in Chapter III of the Financial Powers of the Standing Order in this case specifically used the expression 'underwriting and revivals' of policies in case of Life Insurance Corporation and stated that it was the Divisional Manager who was competent to underwrite policy for Rs 50,000 and above, Life Insurance Corporation of India v. Raja Vasireddy Komalavalli Kamba, AIR 1984 SC 1014 (1018): (1984) 2 SCC 719: (1984) 3 SCR 350. (Contract Act, 1872, ss. 7 & 8)...

underwriter

underwriter 1 a : a person (as an individual or a company) who underwrites an insurance policy : insurer b : a person who assesses risks to be covered by an insurance policy 2 : a person (as an individual or company) who underwrites a security issue compare issuer NOTE: The Securities Act of 1933 requires dealers, issuers, and underwriters to file registration statements for the securities that they sell. ...

Underwriting, means that the person who agrees to take up shares specified in the underwriting agreement if the public or other persons fail to subscribed for them. The consideration for this contract takes the form of payment of commission, called 'underwriting commission, CIT Kanpur v. Uttar Pradesh State Industrial Development Corporation, (1997) 4 SCC 701....

Underwriting agreement

Underwriting agreement, an underwriting agree-ment is a contract that the underwriters will either himself purchase or procure purchasers for the shares underwritten by him, Nami Gopal Lahiri v. State of Uttar Pradesh, (1965) 35 Comp Cas 30 (SC). [Companies Act, (10 of 1956), s. 76]...

Underwriter

Underwriter, an insurer of ships, so called from his writing his name under the policy of insurance. See INSURANCE.Also subscribers (generally before a public issue by the company) offering to take all or a stated amount of the shares offered to and not taken up by the public. The sole consideration allowed is a commission at a rate which must be disclosed in the prospectus and not exceeding the rate authorized by the Articles of Association. This commission must not be confused with brokerage which companies are allowed to pay for placing their shares. [see (English) Companies Act, 1929, ss. 35 and 355, 4th Sch. (10)]A bona fide invitation to enter into an underwriting agreement does not require a prospectus within the meaning of s. 35 (ibid.). see PROSPECTUS....

automated underwriting

automated underwriting loan processing completed through a computer-based system that evaluates past credit history to determine if a loan should be approved. This system removes the possibility of personal bias against the buyer. Source: U.S. Department of Housing and Urban Development ...

underwrite

underwrite -wrote [-rōt, -rōt] -writ·ten [-rit-n, -rit-n] -writ·ing 1 a : to assume liability for (a risk) as an insurer [the insurer s individuals, not the group, in franchise health insurance] b : to issue or set the terms of (an insurance policy) 2 : to agree to purchase (all or part of a security issue) usually on a fixed date at a fixed price with the purpose or plan to resell by means of a public offering [was a security brokerage firm which as part of its business underwrote speculative new issues "UFITEC, S.A. v. Carter, 135 Cal. Rptr. 607 (1977)"] 3 a : to put up funds for or guarantee financial support of b : to assess the risk of (as a loan) ...

underwriting

underwriting the process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property value. Source: U.S. Department of Housing and Urban Development ...

Insurance

Insurance, see, Income-tax Act, 1961 (43 of 1961), s. 80C, Expl. 1.Insurance, the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance, that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insured and the insurer. The first actually pays a certain sum, and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration, a premium. As to what is known as a coupon policy, i.e., a coupon cut out of a diary, etc., see General Accident, etc., Assce. Corpn. v. Robertson, 1909 AC 404.Insurable Interest must be possessed by the person taking out a policy; he must be so circumstanced as to have benefit from the existence of the person or thing insured, and some preju...

Undeveloped land

Underwriting agreement, an underwriting agree-ment is a contract that the underwriters will either himself purchase or procure purchasers for the shares underwritten by him, Nami Gopal Lahiri v. State of Uttar Pradesh, (1965) 35 Comp Cas 30 (SC). [Companies Act, (10 of 1956), s. 76]...

Underwriting - Law Dictionary Search Results