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 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 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 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 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 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 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 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 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 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 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 Loss of use :

Loss of use:  value assigned to not having damaged property available, e.g., the cost of renting a replacement vehicle while one's car is being repaired

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

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Definition and meaning of Loss Expense - Unallocated :

Loss Expense - Unallocated: Salaries and other expenses incurred in connection with the operation of a claim department of an insurance carrier which cannot be charged to individual claims.

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

Also see these pages: Loss Expense - Unallocated , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss Payable Clause :

Loss Payable Clause: Means of protecting a mortgagee's interest in property by directing the insurer to make a loss payment to the mortgagee in the event of a loss.

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

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Definition and meaning of Loss Prevention :

Loss Prevention: Any measure which reduces the probability or frequency of a particular loss but does not eliminate completely all possibility of that loss

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

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Definition and meaning of Loss Reserve :

Loss Reserve: The amount set up as the estimated cost of a claim. (See IBNR Reserve)

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

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Definition and meaning of Loss Ratio :

Loss Ratio: A ratio calculated by divinding claims into premiums. It may be calculated in several different ways, using paid premiums or earned premiums, and using paid claims with or without changes in claim reserves and with or without changes in active reserves.

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

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

Definition and meaning of Loss Expense - Allocated :

Loss Expense - Allocated: Handling expenses, such as legal or independent adjuster fees, paid by an insurance company in settling a claim which can be definitely charged to that particular claim.

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

Also see these pages: Loss Expense - Allocated , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - L

Definition and meaning of Loss control :

Loss control: any conscious action (or decision not to act) intended to reduce the frequency, severity, or unpredictability of accidental losses.

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

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