Question

Which of the following is incorrect with respect to Lloyd’s Syndicate?

a.

Each member of Lloyd’s Syndicate has unlimited liability.

b.

Syndicates are supervised principally by the Committee of Lloyd’s

c.

Syndicates are supervised principally by the Department of Trade.

d.

Lloyd’s is a market and not an insurer

Answer: (c).Syndicates are supervised principally by the Department of Trade. Explanation:Each member of Lloyd's Syndicate has unlimited liability, and the Syndicates are supervised principally by the Committee of Lloyd's.

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Q. Which of the following is incorrect with respect to Lloyd’s Syndicate?

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