Lloyds Quiz

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2. 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

3. 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

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

True

False

5. 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

6. State whether true or false .

Lloyds is an insurance company

True

False

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

Reinsurance

Coinsurance

None of the above

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9. _______________ is an example of non-proportional reinsurance.

Excess of Loss reinsurance

Quota Share Treaty reinsurance

Surplus Line Treaty reinsurance

10. Premium Out / Claims In is known as _____________ transaction

Inward

Outward

None of the above

11. Premium In / Claims Out is known as _____________ transaction

Inward

Outward

None of the above

Submit

13. How many syndicates does KILN manage at Lloyd’s?

3

4

5

14. _______ 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

15. State whether true /False

Coverholder can sign and issue a contract.

True

False

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

True

False

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

True

False