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labor contractor
Lamb-Weston rule
lapse
lapse ratio
large deductible plan
large line capacity
laser exclusion
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laundry listing
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loss
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loss conversion factor (LCF)

A factor used in the retrospective rating formula that provides a charge to cover unallocated claims and the cost of the insurer's claim services. Since the charge is developed as part of the formula, the amount the insured will pay for unallocated loss expenses is a function of losses. The loss conversion factor and the basic premium factor are inversely related to each other; increasing one decreases the other.

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