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 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 )

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

Definition and meaning of Legal Reserve :

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.

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

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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 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 )

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Definition and meaning of Law of Large Numbers :

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.

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

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Definition and meaning of Legal Reserve Life Insurance Company :

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.

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

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

Definition and meaning of Level Premium :

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

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

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Definition and meaning of Level Commission Scale :

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

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

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Definition and meaning of Level Premium Life Insurance :

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.

(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 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 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 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 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 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 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 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 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