A standard agreement between a member and the executive representative of a union in which the member participates and which defines the powers of the executive representative and the obligations of the executive representative and the member to the other. There are two forms of administrative officer agreement: the administrative officer`s agreement (generally), which applies to each member who has a member agent, and the agreement of the senior agent (company), which applies to any member who does not have an agent for the members. Copies of the current versions of these agreements are attached to the Byelaw of the Agency`s agreements. A person (individual or social) admitted to become a member of society. An agreement between all insurers in a certain section of the Lloyd`s market. This relates to all the facts that would influence the judgment of a prudent insurer when deciding to accept an insurance/reinsurance risk and the conditions under which it would be willing to provide coverage. See disclosure requirement. An official term used in the EEA insurance regulation. This means any risk that does not represent a “great risk.” Look at the big risks. An agreement that is managed by a representative of the members, in which a certain number of members have some or all of the insurance capacity, so that they can participate in a wider range of unions than usual.
The minimum amount of assets a member must prove that he or she has to commit to Lloyd`s. The resources of all members must be retained and retained in an approved form, provided the member has actual or potential technical commitments in arre with them. The personal characteristics of a potential policyholder, staff or staff, which may increase the likelihood or magnitude of an insurance claim. A model form of contract between a member and the member`s representative, which defines the member`s representative`s benefits, obligations, powers and allowances, as well as the member`s obligations. The terms of the contract, with the exception of the amount of remuneration of the members` representative, are set by The Board of Lloyd`s. A copy of the current versions of the agreement of the representative of the members is attached to the Byelaw agency agreements. The title used by a general plenipotentiary of Lloyd`s in some countries, mainly in French-speaking countries. An agent who has Lloyd`s permission to run a union and continue underwriting and other duties for a member. . A union made up of names and/or POPA and members of the company. An error of fact invoked by the insured or his broker when negotiating an investment, modification or renewal of insurance coverage with an insurer, which leads the insurer to grant, modify or renew coverage on an erroneous factual basis.
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