Homeowners Insurance terms starting with L

8 terms

1. Lapse Termination of a policy due to non-payment of premiums.
2. Lapsed Policy A policy that has terminated for non-payment of premiums.
3. Liability A legally enforceable financial obligation caused by negligence.
4. Liability Coverage Insurance protection that pays for claims or judgments brought against the insured.
5. Liability insurance Insurance that pays when you are liable for injuries to other persons or damage to their property.
6. Loss The amount an insurance company pays on a claim.
7. Loss history Refers to the number of insurance claims previously filed by a policyholder. A company will consider loss history when underwriting a new policy or…
8. Loss of use A provision in homeowners and renters insurance policies that reimburses policyholders for the additional costs (housing, food, and other essentials) of…