YOU ASK:
What is the definition of Lloyds?
WE ANSWER:
Lloyds is a corporation formed by underwriters as a way to market their services. Lloyds is similar in concept to Lloyd's of London, but it has no connection to this counterpart. However, Lloyd's of London is the first organization to be established. Lloyds is the US counterpart and is located in Texas.
This organization is not an insurance company - it does not accept businesses to cover certain risks and it does not write or issue insurance policies. Instead, Lloyds allow members to assume the risk and be responsible for whatever business they accept and assume.
Lloyds was established mainly to assume risks in Surplus lines.
Was this insurance question and its answer useful?
| Not a bit | Very useful |
Have an Insurance Question? Ask For Insurance
More insurance terms around lloyds:
- Lloyd’s of London
- Long-Term Care Insurance
- Long-Term Disability Income Insurance
- Loss
- Loss Adjustment Expenses
- Loss Costs
- Loss of Use
- Loss Ratio
- Loss Reserves
- L-Share Variable Annuity
- Liquor Liability
- Liquidity
- Liquidation
- Line
- Limits
- Life Insurance
- Life Income with Refund Annuity
- Life Annuity
- Life Annuity with Period Certain
- Liability Insurance