There are many different types of Car insurance policies and levels of
cover, here is a brief description of insurance definitions typically
used within the insurance industries.
Lapse
The termination of an insurance policy due to non-payment of premium(s).
Lapsed Policy
A policy terminated for non-payment of premium(s).
Late Entrant
These are individuals who wish to join a group insurance scheme beyond
the date at which they were automatically eligible for membership.
Lessee
A person who is granted a lease.
Lessor
The party who owns the property and agrees to allow the lessee its use
under the terms of the Lease Agreement.
Level Premium
Rating method in which the premium level remains the same throughout the
life of the policy.
Level Term Insurance
A type of term policy where the cover remains the same from the
effective date until the expiration date.
Life Annuity
A contract that provides an income during the remaining lifetime of the
purchaser.
Life Assurance Premium Relief
Income tax relief on life assurance premiums. The March 1984 Budget
stopped this relief for new policies, but life policies that commenced
before this date can continue to receive the relief. Relief is granted
by means of a deduction from the premium, which is paid to the insurance
company net of this deduction. The insurance company later claims the
balance from the Inland Revenue so the amount paid and, if appropriate,
invested on behalf of the policyholder is the full gross figure as shown
in the policy document.
Life Insurance
Any insurance relating to a risk depending on human life. This includes
contracts providing payment on the insured person's death, endowments
providing payment either on survival to a specified date or on earlier
death and annuities which are paid throughout the annuitant's lifetime
but cease on death.
Life Insurance ISA
An Individual Savings Account that invests in Life Insurance products.
The definition of Life Insurance products can include Life Insurance
Savings Plans designed specifically for ISAs
Lloyd's
The London-based insurance market, best known for marine and aviation
cover. The name is taken from Edward Lloyd who owned the coffee shop in
Tavern Street from where the market began in 1689.
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The extent to which an individual is charged more than the "standard" or
"average" rate for their insurance.
Long Term Care Insurance
A health-insurance variation designed to cover the costs of long term
care at home or in a nursing home.
Long Term Disability Insurance
Insurance to provide a reasonable replacement of a portion of a person's
income lost through serious illness or injury.
Loss Adjuster
A Loss Adjuster is an independent third party who may be used by an
insurance company to assess the value of a claim, particularly if there
is a disagreement between the insurer and the insured.
Loss Assessor
A Loss Assessor is a professional who can be employed by a claimant to
value a loss and present the insurance company with a supporting case
for this valuation. Loss assessors are most often encountered in respect
of claims under home contents or buildings insurance.
Low Cost Endowment
A savings plan which includes decreasing term insurance. It pays out at
the end of the term, and also if you die within the term. Usually used
to pay off an interest only mortgage.
Lump Sum
A settlement whereby the beneficiary receives the entire proceeds of a
policy at once rather than in instalments.
