Question

What is a "Syndicate" in the insurance industry?

a.

A group of underwriters in Lloyd's of London specializing in various types of insurance

b.

An association of reinsurers for pursuing specific insurance objectives

c.

A type of excess of loss reinsurance contract

d.

A form of retrocession between primary insurance insurers

Posted under IC85 Reinsurance Management

Answer: (a).A group of underwriters in Lloyd's of London specializing in various types of insurance Explanation:A "Syndicate" can be defined as an association of individuals or organizations, specifically referring to individual underwriters in Lloyd's of London. These underwriters associate in separate syndicates to write different types of insurance, such as marine insurance, reinsurance, life insurance, and more. Each syndicate has a syndicate manager responsible for administrative details.

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