Lapse
Termination of a policy due to failure by the insured to pay the premium as required
Larceny
The unlawful taking, carrying, leading or riding away of another person's property
Law of large numbers
While it is impossible to predict 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 Costs
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 liability
Any liability imposed on a person by a court of law
Lessee
The person to whom a lease is granted, commonly called the tenant.
Lessor
The person granting a lease, also known as the landlord
Letter of Credit (LOC)
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
Liability
Any legally enforceable obligation
Liability Insurance
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
Licensing
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
Line
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 Business
The general classification of business as utilized in the insurance industry, i.e., fire, allied lines, homeowners, etc.
Lloyds
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
Load
To add charges to an insurance premium
Loss Adjuster
An independent professional appointed by the insurers to settle claims
Loss of Profits
A synonym for business interruption insurance
Loss Ratio
The proportionate relationship of incurred losses to earned premiums expressed as a percentage.
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