Chapter 5 Flashcards
what is a working member
a member whos actively working for a broker or managing agent
what is an external member
a member but not actively working
what is a nominated member
not a member of the society
who is responsible for management and supervision of the market
council of lloyds
what are syndicates
groups of private individuals or investors who carry out the risks ( aka the financial backing)
for how long does a syndicate accept risk
one year
what is RITC
when years of account were reinsured into next years
what is the name used for investors in the lloyds market who are also commercial organisations in their own right
corporate capital
who advises a lloyds name in what they should invest in
members agent
who authorises companys to transact insurance in the lloyds market
PRA
what is the name of an insurer that only accepts risks from sister organisations in the same group
captive insurer
what do brokers do
brokers are professional intermediaries and act as the agent of the re/insured in both the placing and claims process
who authorises brokers
the FCA
what do managing general agents do
they are given authority on the behalf of an insurer to accept risks and handle claims
what does the lloyds market association do
provides representation, information and technical services to underwriting businesses
