Buddhism: The religion based on the teachings of Siddhartha Gautama, known as the Buddha (ca 624544 bce). He refuted the idea of man's having an immortal soul and did not preach of any Supreme Deity. Instead he taught that man should seek to overcome greed, hatred and delusion and attain enlightenment through realizing the Four Noble Truths and following the Eightfold Path.

Prominent among its holy books is the Dhammapada. Buddhism arose out of Hinduism as an inspired reform movement which rejected the caste system and the sanctity of the Vedas. It is thus classed as nastika, "unbeliever," and is not part of Hinduism. Buddhism eventually migrated out of India, the country of its origin, and now enjoys a following of over 350 million, mostly in Asia.

See: Buddha.

(See also: Buddhism , Hinduism, Body Mind and Soul)

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 )

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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 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 Liability Limits :

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

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

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Definition and meaning of Liability Insurance :

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

(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 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 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 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 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 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 )

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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 Long-Term Care :

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.

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

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Definition and meaning of Loading :

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

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

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Definition and meaning of Long-Term Disability Income Insurance :

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.)

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

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Definition and meaning of Loss :

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

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

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Definition and meaning of Loss Avoidance :

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

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

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Definition and meaning of Loss Adjustment Expense :

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

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

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