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
Expenses and taxes incurred by the insurance company resulting from the normal business activities of the company before the due date of the annual statement. ...
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Amount of combustible matter present that can act as a fuel to feed a hostile fire. ...
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Circumstance in which no agent is servicing a debit. ...
Period of time during which notice of claim and proof of loss must be submitted by the insured or his or her legal representatives. ...
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