LLOYD'S SYNDICATE - A group of Lloyd's underwriters who form a syndicate to enhance their financial capacity for accepting insurance risks. The insurance premium and losses are shared among the members of the syndicate in proportion to their participation in the assumed risk. Each Lloyd's syndicate may determine its own insurance terms or agree to the terms proposed by the syndicate that is the lead underwriter for a specific risk.
LINE - the total amount of obligations assumed by the insurer at its own risk under all insurance contracts.
LINE OF INSURANCE - insurance covering homogeneous objects against their characteristic risks
LLOYD'S SYNDICATE - A group of Lloyd's underwriters who form a syndicate to enhance their financial capacity for accepting insurance risks. The insurance premium and losses are shared among the members of the syndicate in proportion to their participation in the assumed risk. Each Lloyd's syndicate may determine its own insurance terms or agree to the terms proposed by the syndicate that is the lead underwriter for a specific risk.
LIABILITY INSURANCE - a branch of insurance where the object of insurance is the liability of the insured party to third parties in the event that they suffer damages due to the insured party's actions or inactions.
LIFE INSURANCE - a branch of personal insurance in which the insured object is the life of the insured person. Life insurance policies are typically valid for a minimum term of three years. Mixed life insurance, where the insured events include the death of the insured during the policy term or survival until the end of the contract term, is the most common type of life insurance.
LIVE STOCK INSURANCE - covers voluntary types of property insurance for the value of animals in case of destruction, loss, or forced slaughter. It applies to livestock in agricultural enterprises, farming households, and domestic animals of individuals. Insurance events covered may include natural disasters, infectious diseases, fire, etc.
LLOYD'S BROKER - An insurance broker registered in the Lloyd's insurance market (London).