Which one of the following is the most appropriate description or categorization of Lloyds of London?...

Which one of the following is the most appropriate description or categorization of Lloyds of London?

Select one:

a. Admitted lines insurer

b. Cooperative insurer

c. Insurance exchange

d. Surplus lines insurer

Solutions

Expert Solution

Answer:The correct answer to the question is option (c) Insurance Exchange

The explanation is as below:

Lloyd's of London is not an insurance company . Rather it is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament and operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk.

The Lloyd's marketplace was originally created as a non-incorporated association of subscribing members.Lloyd's itself does not underwrite insurance business, leaving that to its members. Instead, the Society operates effectively as a market regulator, setting rules under which members operate and offering centralised administrative services to those members.

keosha answered 1 year ago

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