Definition and meaning of LLoyd's of London :

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.

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

Also see these pages: LLoyd's of London , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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

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 )

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

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 Liability Insurance :

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

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

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

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: 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 )

Also see these pages: Lifetime Disability Benefit , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Lapsed Policy :

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.

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

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

Definition and meaning of Joint Underwriting Association :

Joint Underwriting Association: A device used to provide insurance to those who cannot obtain insurance in the voluntary market. Certain companies (called carriers) issue policies at one rate level and handle claims, but the ultimate costs are borne by all companies writing insurance in that state.

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

Also see these pages: Joint Underwriting Association , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint Underwriting Association :

Joint Underwriting Association: One of several types of "shared market" mechanisms used to make automobile insurance available to persons who are unable to obtain such insurance in the regular market. JUAs also have been created in some states to help alleviate availability problems in the fields of medical malpractice and commercial insurance.

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

Also see these pages: Joint Underwriting Association , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint Tenants :

Joint Tenants: A form of joint property ownership with right of survivorship, i.e., in which the survivors automatically own the share of a deceased co-owner.

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

Also see these pages: Joint Tenants , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint-and-Several Liability :

Joint-and-Several Liability: A legal principle that permits the injured party in a tort action to recover the entire amount of compensation due for injuries from any tort feasor who is able to pay, regardless of the degree of that party's negligence.

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

Also see these pages: Joint-and-Several Liability , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Joint-and-Survivor Annuity :

Joint-and-Survivor Annuity: A contract that provides income periodically, payable during the longer lifetime of two persons. The amount payable may decrease at the death of one or the other. (See Contingent Annuity Option)

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

Also see these pages: Joint-and-Survivor Annuity , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Judicial Bond :

Judicial Bond: Type of surety bond used for court proceedings and guaranteeing that the party bonded willl fulfill certain obligations specified by law, for example, fiduciary responsibilities.

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

Also see these pages: Judicial Bond , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of Judgment Rating :

Judgment Rating: Rate-making method for which each exposure is individually evaluated and the rate is determined largely by the underwriter's judgment.

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

Also see these pages: Judgment Rating , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - J

Definition and meaning of ISO :

ISO: See Insurance Services Office.

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

Also see these pages: ISO , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Irrevocable Trust :

Irrevocable Trust: A trust in which the creator does not reserve the right to reacquire the trust property.

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

Also see these pages: Irrevocable Trust , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Investment Only Contract :

Investment Only Contract: Type of funding instrument that uses only the investment services of an insurer.

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

Also see these pages: Investment Only Contract , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Investment Income :

Investment Income: The portion of a company's income which is derived from its investments, including interest and dividends on stocks and bonds.

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

Also see these pages: Investment Income , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I

Definition and meaning of Involuntary Costs :

Involuntary Costs:  insurance company costs incurred as a result of participating in insurance pools (e.g., workers compensation).   Insurance companies must participate in these pools as a condition of doing business.

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

Also see these pages: Involuntary Costs , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - I