Question

What is the unique characteristic of Lloyd's Syndicates compared to insurance and reinsurance companies?

a.

Limited liability for members

b.

Unlimited liability for members

c.

Government regulation

d.

Exemption from capital requirements

Answer: (b).Unlimited liability for members Explanation:Each member of a Lloyd's Syndicate has unlimited liability, which means they are personally responsible for any losses incurred by the syndicate.

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Q. What is the unique characteristic of Lloyd's Syndicates compared to insurance and reinsurance companies?

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