Glossary beginning with L | IFFCO Tokio General Insurance Company in India

Glossary beginning with L

Lapsesearch for term

Termination of a policy due to failure by the insured to pay the premium as required

Larcenysearch for term

The unlawful taking, carrying, leading or riding away of another person's property

Law of large numberssearch for term

While it is impossible to prdict either the time or the loss amount of adverse events in relation to individuals, the averages for a sufficiently large set (of insureds) exhibit certain patterns of loss frequency and loss extent

Legal Costssearch for term

The costs of defending a claim from a third party and claimant's costs for which an insured is liable, are usually covered by a liability policy.

Legal liabilitysearch for term

Any liability imposed on a person by a court of law

Lesseesearch for term

The person to whom a lease is granted, commonly called the tenant.

Lessorsearch for term

The person granting a lease, also known as the landlord

Letter of Credit (LOC)search for term

Within the context of reinsurance, a banking instrument established on a 'standby' basis to secure recoverables from non-admitted reinsurers to enable the ceding company to reduce the provision for unauthorized reinsurance in its statutory statement

Liabilitysearch for term

Any legally enforceable obligation

Liability Insurancesearch for term

Insurance covering the policyholder's legal liability resulting from injuries to other persons or damage to their property. Liability Insurance. Provides protection for the insured against loss arising out of legal liability to third parties

Licensingsearch for term

The incorporation of a company in the jurisdiction or the approval given to a company to underwrite insurance in the jurisdiction. These are recognized to be separate approvals and may be made in separate jurisdictions

Linesearch for term

One line is equal to the ceding company 's retention. A proportional treaty may have a total capacity expressed as x lines and a reinsurer's share may be y lines

Line of Businesssearch for term

The general classification of business as utilized in the insurance industry, i.e., fire, allied lines, homeowners, etc.

Lloydssearch for term

A voluntary unincorporated association of individuals organized for the purpose of writing insurance; normally refers to Lloyd's of London, a group of individual underwriters and syndicates that underwrite insurance risks severally, using facilities maintained by the Lloyd's of London Corporation

Loadsearch for term

To add charges to an insurance premium

Loss Adjustersearch for term

An independent professional appointed by the insurers to settle claims

Loss of Profitssearch for term

A synonym for business interruption insurance

Loss Ratiosearch for term

The proportionate relationship of incurred losses to earned premiums expressed as a percentage.

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