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? joint-stock companies investors underwriters merchants capitalists NextReset

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.

Answer 2

LIoyd's of London or just Lioyd's, is the insurance and reinsurance market in London. In contrast to most competitors, it is not an insurance company, on the contrary, it is a corporate body managed by Lloyd's Act of 1871 and functions as a partially integrated market. Within it, multiple financial supporters associate themselves in order to pool and expand the risk. These "underwriters" or "members" are both corporations and private individuals. They take the risk in exchange for compensation fee.

The correct answer is underwriters.