General Insurance PrinciplesPregunta 190 de 474
In an insurance course, Lloyd's of London is best described as:
a.a marketplace where syndicates of members underwrite risks
b.a single large insurer that issues its own policy contracts
c.a regulator that licenses insurers doing business overseas
d.a reinsurer that accepts only risks other insurers refused
Explicación
Lloyd's does not assume risk itself. It provides the market, the framework and the financial safeguards, while individual and corporate members grouped into syndicates accept the risks, which is why the answer calling it one large insurer is wrong. Lloyd's associations write both direct insurance and reinsurance, and they license nobody.
Practica las 474 preguntas gratis — sin registro.
Own the complete Personal Lines Insurance Producer guide — PDF + EPUB, $19.99 →
Preguntas relacionadas de este tema
- A producer binds homeowners coverage on Monday and the insurer declines the application on Friday. During those days the applicant was:
- The structural difference between a stock insurer and a mutual insurer is that a mutual:
- A reciprocal insurance exchange is distinguished from other insurers by being:
- In the jurisdiction where a policy is being written, an admitted insurer is one that:
- The surplus lines market exists so that a risk can be:
- A primary insurer must cede, and the reinsurer must accept, every risk falling in a defined class. This arrangement is:
Última revisión: · proceso editorial
Equipo de PrepPass · Verificado con California Personal Lines Insurance License Exam · Cómo revisamos