Random2 Flashcards
When is supply and demand are in Balance this is known as
Equilibrium
The management structure and rules under which Lloyds operates are defined by?
Acts of Parliament
What was the name of the dedicated reinsurance vehicle created during the reconstruction and renewal of Lloyds in the 1990s?
Equitas
The vast majority of risks accepted in the mutual insurance sector are spread amongst how many insurers?
1
What is the overarching strategic objective of the FCA?
To ensure that the relevant markets function well
What are the companies called which are specifically established to manage the underwriting of One or more syndicates?
The managing agent 
What insurance covers fraudulent activity committed during the policy period?
Fidelity guarantee insurance
Brokers are professional intermediaries and act as the agent of the?
insured in both placeing the risk and dealing with claims
Which markets may Lloyds broker use when placing UK based risks
The London market and overseas market
What should be a brokers primary concern when selecting insurers with which a risk being placed?
Financial stability
In the London market piracy is usually covered as a main peril in?
hull wordings
The principal supply and demand is the relationship between?
The price of the commodity and the quality traded
Which type of insurance company solely writes business for sister companies within the same group?
Captive insurer
Which organisation has issued high-level principles concerning the Placement of business with subscription markets?
BIPAR
What general impact if any would a major catastrophe have on the insurance cycle?
Shorten it
What is the maximum prison sentence for any of the principal money laundering offences under the proceeds of crime act 2002?
14 years
In the claims process the brokers responsibilities are finished when?
The client receives the full and final settlement
What is covered under midstream insurance
Pipelines
The Lloyds market has surplus line status for direct business in the USA.
This means insurance can only be written if…
If the local or admitted market is not able to accept the risk
How many high-level principles concerning the placement of business with subscription markets have been issued?
5
If travel insurance was made compulsory what would be the most likely effect on the rates and the number of insurers in the market over a long term?
More insurers would enter the market and the rates would decrease
The main provision of the Helms-Burton act 1996 introduced?
Restrictions related to the conduct of Business by US entities with or in Cuba
What type of insurance covers the risks of a predetermined class of business
Treaty
Which organisation is responsible for promoting the interests of the London market and making The market more attractive to do business in?
The International Underwriting Association of London
