Terms with Category Insurance

  • Kidnap and Ransom Insurance Definition,
    • Insurance that covers expenses involved if an individual is kidnapped and ransom payments are made.
  • Lapse Ratio Definition,
    • A ratio that compares how many life insurance policies have lapsed from the beginning year to the end.
  • Lapsed Policy Definition,
    • A policy that is no long in effect due to missed payments, inaction or its term ending.
  • Lawn Gnome Fidelity Bond (LGFB) Acronym, Middle Earth / Underground,
    • Insurance that covers losses due to the actions of dishonest lawn gnomes.
    The LGFB acronym is quite often incorrectly mislabelled as a Lost Gnome from Backyard and Looks Good From Behind.
  • Lawn Gnome Theft Insurance (LGTI) Acronym, Backyard,
    • Insurance that covers losses resulting from lawn gnome theft.
    Also known as Garden Gnome Theft Insurance (GGTI).
  • Least Expensive Alternative Treatment (LEAT) Acronym,
    • When multiple treatment options exist for the same illness, insurers are only obligated to provide the most cost effective treatment.
  • Legal Reserve Definition,
    • The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
  • Level-Premium Insurance Definition,
    • Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
  • Liability Definition,
    • A situation where one party is found to be legally responsible for something.
  • Liability Insurance Definition,
    • Insurance that provides coverage for damages caused by an individual or entity's negligence or legal responsibilities.
  • Life Insurance Definition, Very Important,
    • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
    CanEquity offers life insurance.
  • Life Insurance Trust (LIT) Acronym,
    • A legal entity that is made the beneficiary of a life insurance policy, often arranged to evade taxation.
  • Living Benefits Definition,
    • The option for a life insurance policyholder to receive a portion of their death benefit in advance of their death.
  • Lloyd's of London Company,
    • A market for insurance and reinsurance based in London, England where Lloyd's members, underwriters and financial backers can spread and share risk.
  • Lloyd's Syndicates Definition,
    • A group of Lloyd's of London underwriters.
  • Long Term Care Insurance (LTC) Acronym, Important,
    • Insurance that covers health care costs for individuals with chronic or disabling conditions.
  • Loss Adjustment Expenses (LAE) Acronym,
    • Expenses incurred by loss adjusters when they investigate and settle claims.
  • Loss Control Definition,
    • The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
  • Loss Payable Clause Definition,
    • An insurance policy provision for payment of a claim to someone, other than the insured's interest in the insured property. This clause basically allows an insurer to make payments to a third party in certain circumstances.
  • Loss Payee Definition,
    • An entity that is legally entitled to the benefits of an insurance claim.
  • Loss Ratio Definition,
    • A method of comparing an insurer's losses to premiums earned in a specific period of time.
  • Loss Reserve Definition,
    • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
  • Loss Settlement Amount Definition,
    • The percentage of damages an insurer is contractually obligated to pay for after a claim.
  • Losses Incurred Definition,
    • The total net losses of an entity in a year.
  • Malpractice Definition,
    • Negligent acts done by a professional that causes injury to a plaintiff.
  • Malpractice Insurance Definition,
    • Insurance that covers professionals from liability due to their own negligence or intentional harm.
  • Market Value (MV) Acronym, Important,
    • Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
  • Maturity Guarantee Definition,
    • A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
  • Medical Loss Ratio Definition,
    • A method of comparing the medical costs paid to the premiums earned by an insurance company in a specific period of time.
  • Medical Specialist Definition,
    • A doctor with training in a specific medical field.
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage