Lloyds Quiz

    Syndicate means

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

• Corporate Funds

• Individual Funds

   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.

• TRUE

• FALSE

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

• True

• False

  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

• Proportional

• Non Proportional

• None of the above

State whether true or false .Lloyds is an insurance company

• True

• False

When two or more insurers underwrite the same risk, it is referred as ____________

• Reinsurance

• Coinsurance

• None of the above

  Reinsurer’s Reinsurance is known as _____________    

_______________  is an example of non-proportional reinsurance.

• Excess of Loss reinsurance

• Quota Share Treaty reinsurance

• Surplus Line Treaty reinsurance

Premium Out / Claims In is known as _____________ transaction    

• Inward

• Outward

• None of the above

Premium In / Claims Out is known as _____________ transaction  

• Inward

• Outward

• None of the above

A number of underwriters may accept portions of one risk. This is known as a ____________ market.

 How many syndicates does KILN manage at Lloyd’s?

• 3

• 4

• 5

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

• SCM

• USM

• None of the above

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

• True

• False

It is  mandatory that syndicate level direct underwriters should reinsure all risks underwritten by them

• True

• False

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

• True

• False

 An underwriter cannot be appointed by

• Managing Agent

• Coverholder

• Lloyd’s Members

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

• SCM

• USM

• LORS

Binding Authority is an agreement entered between ______________ and __________

• Lloyd’s Members and Managing Agent

• Managing Agent and Coverholder

• Underwriter and Managing Agent