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
Continuing on an indefinite basis. ...
Type of judicial bond under which a plaintiff is held liable for damages in the event of a false injunction. The objective of this bond is to protect the party who has been wrongly accused ...
Same as term : Self Insurance: protecting against loss by setting aside one's own money. This can be done on a mathematical basis by establishing a separate fund into which funds are ...
coverage on the bank's premises for burglary of monies, securities, and other properties from within the bank's safe (s); robbery of monies and securities; loss of monies and securities as ...
Legislation that changed the tax treatment concerning child-care expenses so that an employee who has incurred child-care expenses greater than $4800 and who is participating in a ...
Stipulation that every participant in health care has the right according to law to purchase health insurance from a private insurance entity. The participant's purchase is voluntary and ...
Automatically extended reporting period of five years, during which claims may be made after a claims made basis liability coverage policy has expired, provided these claims are the result ...
Rules stating that, for any portion of the payment made to the employee from an eligible rollover distribution, the plan administrator is required by federal law to withhold 20% of the ...
Any of a number of types of surety bonds that the law requires of government contractors, licensed businesses, litigants, fiduciaries, government officials, and others whose performance of ...
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