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Term |
Definition |
Lapse |
Termination of an insurance policy due to failure to pay the premium. |
Level Premium Insurance |
Life insurance, the premium for which remains at the same level for the duration of the policy. |
Liability Insurance |
Insurance that pays and renders service on behalf of an insured for losses arising out of his responsibility, negligence, contractual assumptions, etc. |
Liability Limits |
The sum beyond which a liability insurance company does not protect the insured on a particular policy. |
Life Insurance |
An argument between an insurance company and the policyholder to pay a specified amount to a designated beneficiary on the insured's death. |
Lifetime Policy |
A policy guaranteed renewable or non-cancelable to age 65 (or sometimes later), or a policy paying disability benefits for life. |
Limit of Liability |
The maximum amount that an insurance company agrees to pay in case of loss. |
Long-Term Disability |
A disability that last longer than 12 weeks on average. It also describes a form of group disability insurance with benefits for more than the customary 12 to 26 weeks of disability, reaching five years on average. |
Loss Ratio |
The percentage of losses to premiums, usually losses incurred to premiums earned. The amount of the premium dollar returned to the insured as claims payments and other benefits. |
