1 - Business Nature Of The London Market Flashcards
What are proprietary companies?
Limited liability companies - owned by shareholders
What is the difference between a mutual insurer and mutual indemnity insurer?
Mutual - policyholders owned
Mutual indemnity association - as above, but originate from members grouping together to self insure
What is a subscription market?
More than one insurer can participate in the risk
What measure is most normally used to express an insurers capacity?
Premium income limit
Why might an insurance company want to have a Lloyd’s syndicate as well?
Access to Lloyds licences
What is meant by an admitted insurer?
An insurer who has permission to operate as a domestic insurer in a particular country
At what level are permissions granted in the USA?
State level
What is the name given to an insurer which is wholly owned by its non-insurance parent company?
Captive insurer
