Lloyd's Of London
Insurance facility composed of many different syndicates, each specializing in a particular risk; for example, hull risks. Lloyd's provides coverage for primary jumbo risks as well as offering reinsurance and retrocessions. Membership in a syndicate is limited to individuals with a large personal net worth, and each member may belong to one or more syndicates depending upon his or her net worth. Although much of the publicity Lloyd's receives involves insuring exotic risks such as an actress' legs, this represents only a very small portion of its total business, most of which involves reinsurance and retrocessions.
Popular Insurance Terms
Reinsurance broker for a primary company (the re-insured). This broker is paid commissions by the reinsurance company, just as an agent is paid commissions by an insurance company for ...
Section of a life insurance policy setting the procedure for revoking a current beneficiary and designating a successor beneficiary. Insurers require written notice of a beneficiary change, ...
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Endorsement attached to an insurance policy that eliminates coverage for certain specified perils. ...
Fee paid to an insurance salesperson as a percentage of the premium generated by a sold insurance policy. ...
Total of interest, dividends, and other earnings derived from the insurance company's invested assets minus the expenses associated with these investments. Excluded from this income are ...
Section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...
Annuity that guarantees that a specific sum of money will be paid in the future, usually as monthly income, to an annuitant. For example, a $1000-a-month income benefit will be paid as long ...
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