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Info Center Glossary of Terms
Glossary of terms used on this site
There are 264 entries in this glossary.L
| Term | Definition |
|---|---|
| Lapse |
Termination of a policy due to the policy owner's failure to pay the premium within the grace period. |
| Leasehold Interest |
Property insurance covering the loss suffered by a tenant due to termination of a lease because of damage to the leased premises by a covered loss |
| Lessee |
The person to whom a lease is granted |
| Lessor |
The person granting the lease |
| Liability |
The legal obligation to pay a monetary award for injury or damage caused by one's negligent or statutorily prohibited action |
| Liberalization Clause |
A provision within an insurance policy that broadens the coverage if the insurance company offers a broader coverage form within the first 45 days of coverage |
| Lien |
An obligation that can be held by an individual who has an interest in a particular matter or property |
| Life Expectancy |
The average number of years a person is expected to live based on a national average per age group, and other factors. |
| Life Insurance |
Insurance coverage that pays out a set amount of money to specified beneficiaries upon the death of the individual who is insured |
| Limit of Liability |
The most an insurance company agrees to pay in the case of loss |
| Limited Pay Policy |
A type of whole life insurance designed to let the policyholder pay higher premiums over a specific time period such as 10 or 20 years so that they won't have to pay any premiums for the rest of his or her life. |
| Longshore and Harbor Workers' Compensati |
A federal law that provides workers' compensation benefits to employees of a vessel injured in maritime employment - usually in loading, unloading, repairing or building a vessel - but not applicable to crew members |
| Loss |
The amount an insurance company pays for damages under the terms of a policy |
| Loss Adjustment Expense |
The cost assessed to a particular claim for investigating and adjusting that claim |
| Loss Constant |
A flat charge added to the premium of small workers' compensation policies to offset higher loss ratios |
Info Center Glossary of Terms
