Lloyds Quiz
20 Questions
| Total Attempts: 173
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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
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