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LSDefine

Simple English definitions for legal terms

American Lloyd's

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A quick definition of American Lloyd's:

American Lloyd's is a group of insurance underwriters who work together under a common name. They are not a company, but rather an association that operates through an attorney-in-fact who has the authority to make and issue insurance contracts on behalf of the underwriters. Each underwriter has a specific limit on the amount they can obligate themselves to pay on a contract. This association is also known as Lloyd's underwriters or Lloyd's association.

A more thorough explanation:

Definition: American Lloyd's is an unincorporated association of underwriters who engage in the insurance business through an attorney-in-fact. The underwriters operate under a common name and have the authority to obligate themselves within specified limits on insurance contracts that the attorney issues in the common name.

Examples: If a group of underwriters wants to insure a large commercial property, they can come together under the name American Lloyd's and appoint an attorney-in-fact to issue the insurance policy. The attorney-in-fact will have the authority to obligate each underwriter to pay a portion of the claim if the property is damaged or destroyed.

Explanation: American Lloyd's is a way for underwriters to pool their resources and share the risk of insuring large or complex risks. By operating under a common name, they can offer insurance policies that are backed by the financial strength of the entire group. The attorney-in-fact acts as the representative of the underwriters and has the authority to make decisions on their behalf. This allows the underwriters to participate in the insurance market without having to individually issue policies or manage claims.

American Law Institute test | American National Standards Institute

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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