Insurance terms starting with L

15 terms

Lapse Termination of a policy due to non-payment of premiums.
Lapsed Policy A policy that has terminated for non-payment of premiums.
Level Premium Insurance Insurance for which the cost is distributed evenly over the premium payment period.
Liability A legally enforceable financial obligation caused by negligence.
Liability Coverage Insurance protection that pays for claims or judgments brought against the insured.
Liability insurance Insurance that pays when you are liable for injuries to other persons or damage to their property.
Liability limits The maximum amount your liability policy will pay. Your policy must pay at least $25,000 for each injured person, up to a total of $50,000 per accident…
Limited Tort Limited Tort offers you a savings on your premiums. You are still able to recover all out-of-pocket medical and other expenses; however, you are not able…
Limits The maximum amount of benefits the insurance company agrees to pay under an insurance policy in the event of a loss.
Living Benefits (See Accelerated Death Benefits.)
Loan Value (See Policy Loan.)
Loss The amount an insurance company pays on a claim.
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…
Loss of use A provision in homeowners and renters insurance policies that reimburses policyholders for the additional costs (housing, food, and other essentials) of…
Lowest Floor The lowest floor of the lowest enclosed area (including a basement). An unfinished or flood-resistant enclosure, usable solely for parking of vehicles…