Word: underwritten
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...American World Airways 747 in Cairo at the beginning of the week were indicative of the industry's dilemma. The 747, insured for $24.5 million, was covered by two kinds of policies-"all risk" insurance, placed largely with a U.S. consortium, and "war risk" protection, 60% underwritten by Lloyd's of London and 40% by the U.S. Government. "All risk" encompasses normal flight hazards including, in U.S. practice, damage to a plane hijacked to Cuba. "War risk" covers loss by enemy action during war. But nowadays, what is a war? There remains a range for debate...
...movement news source in disputes. The Mole's credibility among other factions of the Boston Movement was also seriously challenged last spring by the revelation by PL Magazine and the Boston Globe that the Mole was partly financed by a front corporation, Cambridge Iron and Steel, underwritten by a Newton businessman...
...constitution must be acceptable to all Rhodesians, meaning by majority vote. Smith has insisted that it be approved only by a vote among the black chiefs, who are in his government's pay. Smith has not made the chiefs' acquiescence overly difficult. Since 1965, his government has underwritten a program of public works in African villages, and won enough approval from Rhodesia's blacks for nationalist guerrillas to be regularly turned in by their own people...
When it comes to housing, the nation's largest and wealthiest city lives in an Alice in Wonderland world. Mostly since World War II, federal, state and city governments have underwritten some $8 billion worth of housing construction in New York City - enough to accommodate the entire population of, for example, Baltimore or Cleveland. Yet at the same time, New York's housing scarcity has not only persisted but worsened. In the hard marketplace of supply and demand, that means soaring rents...
...important innovation, mothered out of necessity after the U.S. began curbing its money exports, is the big and free "Eurobond" market, which rallies currencies from many countries. Conceived and usually underwritten by Wall Street bankers, the bonds are floated for borrowers as diverse as South Africa's De Beers, France's state-run P.T.T. telecommunications monopoly, and U.S. subsidiaries abroad. They are sold to oil sheiks and other wealthy individuals, and reportedly, the United Nations pension fund and the Vatican. From almost nothing in 1963, the volume of these bonds rose to $2.1 billion last year, mostly...