Terms starting with L
The term Limit of Liability may refer to the maximum amount of money an insurer is willing to pay out for a particular claim. This limit is typically outlined in...
The term “Loss Ratio Insurance” may refer to the type of insurance coverage that pays the insured an agreed-upon amount of money based on the amount of money lost in...
Lenders Loss Payable Endorsement may refer to an insurance endorsement that provides coverage to a lender in the event of a loss. It functions to protect the lender in the...
A loss report, also known as a loss run report, is a document that summarizes an insured's claims history for a specific period of time. It is typically used by...
"Loss Ratio" is a formula to determine profitability of an underwriting business. Generally, it compares premium received and claims dollars paid out plus reserved for future payout, usually measured annually....
Lost Policy Release is a type of insurance document used to release the insurer from any liability for a policy that has been lost or destroyed. It may refer to...
Loss Costs Insurance is an insurance policy which covers the financial losses that an insured individual or company may incur due to a variety of unfortunate circumstances. Loss Costs Insurance...
A License and Permit Bond is a type of surety bond that guarantees that a business or individual will comply with the applicable laws, regulations, and/or ordinances in order to...
Legal Malpractice, also known as professional negligence, is a term that may refer to an attorney’s failure to provide competent representation, or to provide services with a reasonable degree of...
Licensed and Insured may refer to any individual or business that has been granted a license to operate or conduct business legally and has purchased insurance to protect against potential...
LLC Taxes may refer to taxes that are associated with Limited Liability Companies, or LLCs. An LLC is a business structure created by state statute that provides limited liability to...
Loss Payee is a term used in the insurance industry that may refer to an individual or organization that is named in an insurance policy as the recipient of a...
At the outset of discussing insurance terminology, the term "Loss Payable Endorsement" may refer to a specific addition or modification made to an insurance policy that designates another party as...
Legal Fees may refer to the costs associated with legal services. These costs may include attorney fees, court costs, and other associated costs. Legal fees are the charges for legal...
Line of business, in the realm of commercial insurance, refers to a specific category or type of insurance coverage that is offered to businesses or individuals within a particular industry...
A liberalization clause is an insurance policy provision that provides additional coverage or benefits to the policyholder without requiring additional premium payments. It is designed to protect policyholders against changes...
Loss adjustment expense (LAE) is a term commonly used in the insurance industry, which holds significant importance when it comes to understanding the financial aspects of managing insurance claims. The...
A loss triangle is a way to analyze and predict losses over a given period, typically by tracking the frequency and severity of claims. Loss triangles are used during a...