Lloyds Quiz
LLyods Training Recap
- 1.
State whether true or false .Lloyds is an insurance company
- A.
True
- B.
False
Correct Answer
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
Correct Answer
A. A member or group of members underwriting insurance business at Lloyd’s through the agency of a managing agent -
- 3.
How many syndicates does KILN manage at Lloyd’s?
- A.
3
- B.
4
- C.
5
Correct Answer
B. 4 -
- 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
Correct Answer
A. TRUE -
- 5.
An underwriter cannot be appointed by
- A.
Managing Agent
- B.
Coverholder
- C.
Lloyd’s Members
Correct Answer
C. Lloyd’s Members -
- 6.
Premium In / Claims Out is known as _____________ transaction
- A.
Inward
- B.
Outward
- C.
None of the above
Correct Answer
A. Inward -
- 7.
State whether true /False Coverholder can sign and issue a contract.
- A.
True
- B.
False
Correct Answer
A. True -
- 8.
Reinsurer’s Reinsurance is known as _____________
Correct Answer
Retrocession
retrocession - 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
Correct Answer
B. Managing Agent and Coverholder -
- 10.
A number of underwriters may accept portions of one risk. This is known as a ____________ market.
Correct Answer
Subscription - 11.
When two or more insurers underwrite the same risk, it is referred as ____________
- A.
Reinsurance
- B.
Coinsurance
- C.
None of the above
Correct Answer
B. Coinsurance -
- 12.
IBNR stands for ________ ____ ____ ___________
Correct Answer
Incurred But Not Reported
incurred but not reported - 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
Correct Answer
A. Proportional -
- 14.
It is mandatory that syndicate level direct underwriters should reinsure all risks underwritten by them
- A.
True
- B.
False
Correct Answer
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
Correct Answer
A. SCM -
- 16.
_______________ is an example of non-proportional reinsurance.
- A.
Excess of Loss reinsurance
- B.
Quota Share Treaty reinsurance
- C.
Surplus Line Treaty reinsurance
Correct Answer
A. Excess of Loss 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
Correct Answer
B. False -
- 18.
A single risk can be divided into multiple sections and can be underwritten by multiple syndicates sectionwise
- A.
True
- B.
False
Correct Answer
A. True -
- 19.
The ________ message often (not always) has a breakdown of the reinsurers we're paying or claiming from
- A.
SCM
- B.
USM
- C.
LORS
Correct Answer
C. LORS -
- 20.
Premium Out / Claims In is known as _____________ transaction
- A.
Inward
- B.
Outward
- C.
None of the above
Correct Answer
B. Outward -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Dec 20, 2012Quiz Edited by
ProProfs Editorial Team -
Feb 11, 2009Quiz Created by
Valli.ramani
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