Chapter 1 Flashcards
What does BIBA stand for?
British Insurance Broking Association
What is BIBA’s main role?
Ensures members comply with the fundamental principles in broking, maintain and improve business behaviour to protect the interest of its members for the benefit of the general public.
What does LMRC stand for?
London Market Regional Committee.
What is LMRC’s main role?
Maintain a lobbying role and represent the sector to the FCA.
What does LIIBA stand for?
London and the International Insurance Brokers Association.
What customer type are personal lines customers classed as?
CONSUMERS
What is a Consolidator?
A broking firm who grows by buying lots of smaller brokers.
What is Retroceding?
When a reinsurer places reinsurance with another reinsurer. (Risk is Retrocession)
What are the 3 ways of transacting business at Lloyds?
- Face - to - face
- Through delegated authority
- Through businesses set up outside of Lloyds.
What is an Added Value Service also known as?
Specialist Risk Consultancy Services
What are 2 examples of Added Value Services?
- Business Continuity Planning
- Property Survey
Formula to work out Commission on a premium…
Premium (Inc IPT) x Commission % = Commission amount
What does the Xchanging Claims Services do?
Maintains Lloyds central claims database.
If a client has a private and commercial policy, what will the client be called and treated as?
CONSUMER
