Final answer:
The statement about Lloyd's is true; it operates as an insurance market where syndicates of corporate and individual financial backers pool and spread risks, unlike other insurers who directly assume risks.
Step-by-step explanation:
The statement that Lloyd's, the oldest insurance organization in existence, does not assume risks in the manner of other insurers is true. Unlike traditional insurance companies that assume risks directly, Lloyd's operates as an insurance market within which multiple financial backers, grouped into syndicates, come together to pool and spread risks. These syndicates are comprised of members who are both corporate and individual investors known as 'Names'.
Lloyd's of London provides a marketplace for insurers to underwrite a diverse range of insurance and reinsurance policies. The individual syndicates decide which risks they wish to insure. Lloyd's itself does not underwrite insurance; instead, it provides the premises, a range of services to members, and the stringent regulatory environment within which members operate.
The structure of Lloyd's allows for a unique method of providing insurance services, differentiating it from the typical insurance company business model where the company itself assumes the risks.