Lloyd’s of London
Oldest Insurance Market (Not an Insurance Company – over 330 years) Unusual / Undesirable risks. Council of Lloyd’s Syndicates – Names & Corporate Capital Managing Agents & Underwriters Room now called the trading or underwriting floor SLIP now Market Reform Contract (MRC) Lloyd’s Broker / Brokerage Xchanging Lloyd’s Reform Act 2008 FCA / PRA Regulation […]
The origin of insurance
In the mid 1600s in the city of London, mariners usually sit together drinking coffee in a coffee house. A chap called Edward Lloyd was sharing coffee with others in a coffee house on Lime Street in London. Edward suggested the pooling of their resources whereas they all go out to sea, should anyone not […]
Definition of Insurance
There are many definitions been offered however a clearer meaning is where Insurance is defined as a social science providing compensation in the even of misfortune. This compensation can be provided by a state enterprise but more widely by commercial entities where the terms of which are usually agreed in advance.
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