Lloyd's of London was one of the first institutions to offer insurance to merchants and joint-trade companies. A major part of the insurance system involved people who agreed to take responsibility for the insured losses in return for a fee. What were these risk-takers known as?

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Social Studies

Kolten Hopkins

17 November, 00:11

Lloyd's of London was one of the first institutions to offer insurance to merchants and joint-trade companies. A major part of the insurance system involved people who agreed to take responsibility for the insured losses in return for a fee. What were these risk-takers known as?

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Ripley · Answer 1

These risk-takers were known as underwriters, or members. They would do what you described. They would take responsibility and would be given a premium in return.