Terms with Category Insurance
- Kidnap and Ransom Insurance — Definition,
- Insurance that covers expenses involved if an individual is kidnapped and ransom payments are made.
- Lapse Ratio — Definition,
- A ratio that compares how many life insurance policies have lapsed from the beginning year to the end.
- Lapsed Policy — Definition,
- A policy that is no long in effect due to missed payments, inaction or its term ending.
- Lawn Gnome Fidelity Bond (LGFB) — Acronym, Middle Earth / Underground,
- Insurance that covers losses due to the actions of dishonest lawn gnomes.
➥ The LGFB acronym is quite often incorrectly mislabelled as a Lost Gnome from Backyard and Looks Good From Behind. - Lawn Gnome Theft Insurance (LGTI) — Acronym, Backyard,
- Insurance that covers losses resulting from lawn gnome theft.
➥ Also known as Garden Gnome Theft Insurance (GGTI). - Least Expensive Alternative Treatment (LEAT) — Acronym,
- When multiple treatment options exist for the same illness, insurers are only obligated to provide the most cost effective treatment.
- Legal Reserve — Definition,
- The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
- Level-Premium Insurance — Definition,
- Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
- Liability — Definition,
- A situation where one party is found to be legally responsible for something.
- Liability Insurance — Definition,
- Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
- Life Insurance — Definition, Very Important,
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
➥ CanEquity offers life insurance. - Life Insurance Trust (LIT) — Acronym,
- A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
- Living Benefits — Definition,
- The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
- Lloyd's of London — Company,
- A market for insurance and reinsurance based in London, England where Lloyd's members, underwriters and financial backers can spread and share risk.
- Lloyd's Syndicates — Definition,
- A group of Lloyd's of London underwriters.
- Long Term Care Insurance (LTC) — Acronym, Important,
- Insurance that covers health care costs for individuals with chronic or disabling conditions.
- Loss Adjustment Expenses (LAE) — Acronym,
- Expenses incurred by loss adjusters when they investigate and settle claims.
- Loss Control — Definition,
- The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
- Loss Payable Clause — Definition,
- An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
- Loss Payee — Definition,
- An entity that is legally entitled to the benefits of an insurance claim.
- Loss Ratio — Definition,
- A method of comparing an insurer's losses to premiums earned in a specific period of time.
- Loss Reserve — Definition,
- A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
- Loss Settlement Amount — Definition,
- The percentage of damages an insurer is contractually obligated to pay for after a claim.
- Losses Incurred — Definition,
- The total net losses of an entity in a year.
- Malpractice — Definition,
- Negligent acts done by a professional that causes injury to a plaintiff.
- Malpractice Insurance — Definition,
- Insurance that covers professionals from liability due to their own negligence or intentional harm.
- Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
- Maturity Guarantee — Definition,
- A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
- Medical Loss Ratio — Definition,
- A method of comparing the medical costs paid to the premiums earned by an insurance company in a specific period of time.
- Medical Specialist — Definition,
- A doctor with training in a specific medical field.
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Kidnap and Ransom Insurance -
Lloyd's of London
Lloyd's of London
