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Module 2 Test: The Age of European Exploration

Select the correct answer.

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?

A. joint-stock companies
B. investors
C. underwriters
D. merchants
E. capitalists



Answer :

GinnyAnswer

Final answer:

Underwriters were crucial individuals in the insurance system during the Age of European Exploration.


Explanation:

In the Age of European Exploration, underwriters were the individuals who agreed to take responsibility for insured losses in exchange for a fee. They played a crucial role in the emerging insurance system that provided coverage for merchants and joint-trade companies, with institutions like Lloyd's of London being pioneers in this area.


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