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Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England.Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament.
The term "underwriting" derives from the Lloyd's of London insurance market. Financial backers (or risk takers), who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.
In insurance, a managing general agent is defined legally as "an individual or business entity appointed by an underwriting insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer and, if authorized to do so by an insurer, to effectuate and countersign insurance contracts".
Is an insurance broker better than an insurance agent? ... Brokers can accept payment and submit the insurance application to the insurance company but do not control pricing or underwriting ...
Hiscox is an underwriter at the Lloyd's of London insurance market. Hiscox Ltd. is an Anglo-Bermudan insurance provider, listed on the London Stock Exchange.An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals, as well as cover against such risks as hacking ...
The IUA was formed in January 1998 from the merger of the London International Insurance and Reinsurance Market Association (LIRMA) and the Institute of London Underwriters (ILU). [3] The main stated reason for the merger was the desire to give the London company market a single voice in dealings with government, regulators and other insurance ...
Insurance underwriting – Personal lines insurance underwriters actually underwrite insurance for individuals, a service still offered primarily through agents, insurance brokers, and stock brokers. Underwriters may also offer similar commercial lines of coverage for businesses. Activities include insurance and annuities, life insurance ...
The least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...