Lloyds Quiz

20 Questions | Total Attempts: 173

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Lloyds Quiz

LLyods Training Recap


Questions and Answers
  • 1. 
    State whether true or false .Lloyds is an insurance company
    • A. 

      True

    • B. 

      False

  • 2. 
        Syndicate means
    • A. 

      A member or group of members underwriting insurance business at Lloyd’s through the agency of a managing agent

    • B. 

      Corporate Funds

    • C. 

      Individual Funds

  • 3. 
     How many syndicates does KILN manage at Lloyd’s?
    • A. 

      3

    • B. 

      4

    • C. 

      5

  • 4. 
       A "placing slip" is a document created by a broker that contains a summary of the terms of a proposed insurance or reinsurance contract which is then presented by the broker to selected underwriters for their consideration.
    • A. 

      TRUE

    • B. 

      FALSE

  • 5. 
     An underwriter cannot be appointed by
    • A. 

      Managing Agent

    • B. 

      Coverholder

    • C. 

      Lloyd’s Members

  • 6. 
    Premium In / Claims Out is known as _____________ transaction  
    • A. 

      Inward

    • B. 

      Outward

    • C. 

      None of the above

  • 7. 
    State whether true /False   Coverholder can sign and issue a contract.
    • A. 

      True

    • B. 

      False

  • 8. 
      Reinsurer’s Reinsurance is known as _____________    
  • 9. 
    Binding Authority is an agreement entered between ______________ and __________
    • A. 

      Lloyd’s Members and Managing Agent

    • B. 

      Managing Agent and Coverholder

    • C. 

      Underwriter and Managing Agent

  • 10. 
    A number of underwriters may accept portions of one risk. This is known as a ____________ market.
  • 11. 
    When two or more insurers underwrite the same risk, it is referred as ____________
    • A. 

      Reinsurance

    • B. 

      Coinsurance

    • C. 

      None of the above

  • 12. 
    IBNR stands for ________   ____   ____   ___________
  • 13. 
      A type of reinsurance in which the reinsurer shares similar proportions of the premiums earned and the claims incurred by the reassured plus certain associated expenses is referred to as______________ Reinsurance
    • A. 

      Proportional

    • B. 

      Non Proportional

    • C. 

      None of the above

  • 14. 
    It is  mandatory that syndicate level direct underwriters should reinsure all risks underwritten by them
    • A. 

      True

    • B. 

      False

  • 15. 
        _______ messages are received from the Lloyd’s accounting system as notification of new Claims and Claim Movements created outside of Kiln
    • A. 

      SCM

    • B. 

      USM

    • C. 

      None of the above

  • 16. 
    _______________  is an example of non-proportional reinsurance.
    • A. 

      Excess of Loss reinsurance

    • B. 

      Quota Share Treaty reinsurance

    • C. 

      Surplus Line Treaty reinsurance

  • 17. 
    State whether the foll is true or False An individual / corporate representatives can directly enter into Lloyd’s market and can do transaction with the underwriters
    • A. 

      True

    • B. 

      False

  • 18. 
    A single risk can be divided into multiple sections and can be underwritten by multiple syndicates sectionwise
    • A. 

      True

    • B. 

      False

  • 19. 
    The ________ message often (not always) has a breakdown of the reinsurers we're paying or claiming from
    • A. 

      SCM

    • B. 

      USM

    • C. 

      LORS

  • 20. 
    Premium Out / Claims In is known as _____________ transaction    
    • A. 

      Inward

    • B. 

      Outward

    • C. 

      None of the above