Chapter 8 Flashcards
1
Q
The market reform contract is also commonly referred to as
A
The slip
2
Q
In the London market what is the final confirmation that creates the contract between The insured and the insurer known as
A
Binding the risk
3
Q
When doing business in the London market what is the document called that it’s given to the insured And sets out the nature of the relationship between them and the broker
A
Terms of business agreement
4
Q
To be registered as a Lloyds broker a firm must meet the…
A
The FC a rules and Lloyds requirements
5
Q
What restrictions are placed (if any) on Lloyds brokers when they are considering which markets they can approach to place business
A
NONE
6
Q
Delegated authority schemes are also known as
A
Binders
