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
Latin for "Let the superior reply." That is, an employer is liable for the torts of employees that result from their employment. For example, an insurance company (the master) acts through ...
Coverage on fur coats as well as other clothes that have, fur trim. Protection is provided at any location on an all risks basis subject to the exclusions of wear and tear, war, and nuclear ...
Rules that insurance companies must follow in filing an annual financial statement known as the convention blank, with state insurance departments. The reported financial condition of an ...
Qualified retirement plan under the internal revenue code Section 457 for employees of the states and political subdivisions within the states. ...
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Agent with the authority from an insurance company to prepare and to place into business an insurance policy. ...
Payments due to an insurance company but not yet paid. ...
Individual who is legally responsible for taking care of another individual (s) who is deemed to be incapable of managing his/her own affairs. For example, children under the age of ...
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