Called Admitted Lloyds Of London And Excess And

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Called Admitted Lloyds Of London And Excess And

I need to write a paper with minimum of 8 pages about insurance.

The states typically regulate “the business of insurance,” through state regulatory agencies called Departments of Insurance (DOIs). Generally, for an insurance company to be allowed to distribute its insurance products in a state, the company must be licensed to do business in that state. Also, in most states, before a policy may be sold in the state, the policy form and the rate the insurance company proposes to charge customers must be approved by state’s DOI.

Sometimes, however, insurance for a particular loss exposure may not be written in a state by any company licensed to do business in the state (a so-called “admitted” company). This unavailability of insurance could cause problems, especially for companies who usually face higher loss exposures but may have difficulty finding insurance for these exposures. One way that the states have dealt with this is to allow companies not licensed in the state to sell insurance in the state—under certain circumstances. There is actually a large worldwide market for this insurance—called the “excess and surplus lines” (E&S) market. In many cases, insurance customers obtain E&S insurance through Lloyds of London—an international insurance marketplace.

1. What is the Excess and Surplus Lines (E&S) market? How does it work?

2. What types of insurance is written through the E&S market and under what circumstances may a customer obtain insurance through this market?

3.What are the pros and cons of obtaining insurance through the E&S market?

4. What is Lloyds of London and how does it operate?

5. What is the process of obtaining insurance through Lloyds of London? What is a “surplus lines” or “wholesale” broker and how do they facilitate sales and purchase of insurance through Lloyds of London.

Requirements

  • Paper length:8 page minimum, 12 page maximum; 12 point font—double-spaced
  • Paper sections
    • Title Page, including: (1) paper title, (2) course number and name, (3) instructor, (4) your name, and (5) date submitted
    • Executive Summary: This is a 1-2 paragraph overall summary of your paper.
    • Discussion and analysis: Cover all the individual topic areas set out above, each of which should be labeled with an appropriate subject heading.
    • Works Cited: List all secondary sources consulted in preparing this paper.
    • Attachments (if any). You may append any relevant attachment to the paper, and you should refer to these attachments in the body of your paper.