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 )

Also see these pages: Last Clear Chance Rule , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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

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 )

Also see these pages: License and Permit Bond , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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

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 )

Also see these pages: Level Commission Scale , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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

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 )

Also see these pages: Life Income Option , 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 )

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

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 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 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 )

Also see these pages: Liquidation , 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 )

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

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 )

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

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 )

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

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 )

Also see these pages: Life Annuity With 10 Years Certain , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

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 )

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

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 )

Also see these pages: Life Expectancy , 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