Question

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?

Answer 1

Answer:

Underwriters/ Members

Explanation:

Lloyd’s of London was known as one of the first institutions to offer insurance to merchants and joint-trade companies.

A major part of the insurance system involved people known as Underwriters and they agreed to take responsibility for the insured losses in return for a fee. In this system, multiple financial supporters are involved in order to pool and expand their risk. These underwriters or members could be organizations and private individuals. They take the risk in exchange for a compensation fee.