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  • Labor-Management Relations Act of 1947 (Taft-Hartley Act): This law controls conditions under which an employer may pay any money to a representative of employees.

  • Lapse: The termination or discontinuance of an insurance policy due to non-payment of a premium.

  • Lapsed Policy: A policy terminated for non-payment of premiums. The term is sometimes limited to a termination occurring before the policy has a cash or other surrender value.

  • Larceny-theft: The unlawful taking, carrying, leading or riding away of another person's property.

  • Last Clear Chance Rule: Statutory modification of the contributory negligence law allowing the claimant endangered by his or her own negligence to recover damages from a defendant if the defendant has a last clear chance to avoid the accident but fails to do so.

  • Law of Large Numbers: Concept that the greater the number of exposures, the more closely will actual results approach the probable results expected from an infinite number of exposures.

  • Legal Reserve: The minimum reserve which a company must keep to meet future claims and obligations as they are calculated under the state insurance code.

  • Legal Reserve Life Insurance Company: A life insurance company operating under state insurance laws specifying the minimum basis for the reserves the company must maintain on its policies.

  • Level Commission Scale: A commission scale providing for payment of commissions at the same rate every year the policy is in force.

  • Level Premium: A premium which remains unchanged throughout the life of a policy.

  • Level Premium Life Insurance: Life insurance for which the premium remains the same from year to year.The premium is more than the actual cost of protection during the earlier years of the policy and less than the actual cost in the later years. The building of a reserve is a natural result of level premiums. The overpayments in the early years, together with the interest that is to a earned, serve to balance out the underpayments of the later years.

  • Liability: Any legally enforceable obligation.

  • Liability Insurance: Insurance covering the policyholder's legal liability resulting from injuries to other persons or damage to their property.

  • Liability Insurance: Provides protection for the insured against loss arising out of legal liability to third parties.

  • Liability Limits: The stipulated sum or sums beyond which an insurance company is not liable to protect the insured.

  • Liability Without Fault: Principle on which workers compensation is based, holding the employer absolutely liable for occupational injuries or disease suffered by workers, regardless of who is at fault.

  • License and Permit Bond: Type of surety bond guaranteeing that the person bonded will comply with all laws and regulations that govern his or her activities.

  • Life Annuity: A series of payments under which payments, once begun, continue throughout the remaining lifetime of the annuitant but not beyond.

  • Life Annuity: A contract that provides an income for life.

  • Life Annuity With 10 Years Certain: An annuity which pays an income to the annuitant for as long as he or she lives, but if death occurs within 10 years after the annuity payments begin, payments are continued to a named beneficiary for the remainder of the 10 years.

  • Life Expectancy: The average number of years of life remaining for a group of persons of a given age according to a particular mortality table.

  • Life Income Option: Life insurance settlement option in which the policy proceeds are paid during the lifetime of the beneficiary. A certain number of guaranteed payments may also be payable.

  • Life Insurance: Insurance providing for payment of a specified amount on the insured's death, either to his or her estate or to a designated beneficiary; or in the case of an endowment policy, to the policy holder at a specified date.

  • Life Insurance in Force: The sum of the face amounts, plus dividend additions, of life insurance polices outstanding at a given time. Additional amounts payable under accidental death or other special provisions are not included.

  • Life Insurance Programming: Systematic method of determining the insured's financial goals, which are translated into specific amounts of life insurance, then periodically reviewed for possible changes.

  • Lifetime Disability Benefit: A benefit to help replace income lost by an insured person as long as he/she is totally disabled, even for a lifetime.

  • Lifetime Disability Benefit: Disability income payable for the life of the insured as long as he is totally disabled.

  • Limited Payment Life Insurance: Whole life insurance on which premiums are payable for a specified number of years or until death if death occurs before the end of the specified period.

  • Limited Policy: A contract which covers only certain specified diseases or accidents.

  • Limited Policy: One that covers only specified accidents or sicknesses.

  • Liquidation: Dissolving a company by selling its assets for cash.

  • Liquor Liability Law: See Dramshop Law.

  • Living Benefits Rider: A rider that allows insureds who are terminally ill or who suffer from certain catastrophic diseases to collect part of their life insurance benefits before they die, primarily to pay for the care they require.

  • Living Trust: A trust created while the creator of the trust is living. Also known as an inter vivos trust.

  • LLoyd's of London: insurance marketplace where brokers, representing clients with insurable risks, deal with Lloyd's underwriters, who in turn represent investors. The investors are grouped together into syndicates that provide capital to insure the risks.

  • Loading: The amount that must be added to the pure premium for expenses, profit, and a margin for contingencies. See Expense Loading

  • Long-Term Care: The continuum of broad-ranged maintenance and health services to the chronically ill, disabled, or retarded. Services may be provided on an inpatient (rehabilitation facility, nursing home, mental hospital), outpatient, or at-home basis.

  • Long-Term Disability Income Insurance: Insurance issued to an employer (group) or individual to provide a reasonable replacement of a portion of an employee's earned income lost through serious and prolonged illness or injury during the normal work career. (See also Integration.)

  • Loss: The happening of the event for which insurance pays.

  • Loss Adjustment Expense: expenses incurred in the process of evaluating, defending and paying claims.

  • Loss Avoidance: A risk management technique whereby a situation or activity that may result in a loss for a firm is avoided or abandoned.

  • Loss control: any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.

  • Loss Expense - Allocated: Handling expenses, such as legal or independent adjuster fees, paid by an insurance company in settling a claim which can be definitely charged to that particular claim.

  • Loss Expense - Unallocated: Salaries and other expenses incurred in connection with the operation of a claim department of an insurance carrier which cannot be charged to individual claims.

  • Loss Payable Clause: Means of protecting a mortgagee's interest in property by directing the insurer to make a loss payment to the mortgagee in the event of a loss.

  • Loss Prevention: Any measure which reduces the probability or frequency of a particular loss but does not eliminate completely all possibility of that loss.

  • Loss Ratio: A ratio calculated by divinding claims into premiums. It may be calculated in several different ways, using paid premiums or earned premiums, and using paid claims with or without changes in claim reserves and with or without changes in active reserves.

  • Loss Reserve: The amount set up as the estimated cost of a claim. (See IBNR Reserve)

  • Loss Reserve Development: how the latest estimate of an insurance company's claim obligations compares to an earlier projection.

  • Lump-Sum Distribution: Payment within one taxable year of the entire balance payable to an employee from a trust which forms part of a qualified pension or employee annuity plan on account of that person's death, separation from service or attainment of age 59.

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