Definition and meaning of Last Clear Chance Rule :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Larceny-theft :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Liability Without Fault :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of License and Permit Bond :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Limited Policy :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Limited Payment Life Insurance :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Lifetime Disability Benefit :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Limited Policy :

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

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Limited Policy , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liquidation :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Living Trust :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Living Benefits Rider :

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.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Living Benefits Rider , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Liquor Liability Law :

Liquor Liability Law: See Dramshop Law.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Lifetime Disability Benefit :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Insurance Programming :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Annuity With 10 Years Certain :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Annuity :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Annuity :

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

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Expectancy :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Income Option :

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.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Life Insurance in Force :

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.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Life Insurance in Force , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Life Insurance :

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.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Life Insurance , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Kenney Rule :

Kenney Rule: Concept permitting a property liability insurer to write $2 of new net premiums for each $1 of policyowners' surplus.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Kenney Rule , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - K