When Lloyd's of London offered to provide insurance to merchant ships in the eighteenth century,Lloyd's was:

Question

Quizplus · Accepted Answer

When Lloyd's of London offered to provide insurance to merchant ships in the eighteenth century, it was responding to the demand from ship owners who were more sensitive to risk. Lloyd's, as an insurer, was less sensitive to the risk than the ship owners and was willing to take on the risk in exchange for a premium. This behavior is consistent with the role of insurers as risk-takers.

When Lloyd's of London Offered to Provide Insurance to Merchant