Glossary

A loss triangle is a table of loss experience showing total losses for a certain period at various, regular valuation dates, reflecting the change in amounts as claims mature. Older periods in the table will have one more entry than the next youngest period, leading to the triangle shape of the data in the table. A loss triangle can show paid losses or total incurred losses. Loss triangles can be used to determine loss development for a given risk.

A lost policy release is a statement signed by the named insured releasing the insurer from all liability under a lost or mislaid contract of insurance in cases in which the insured wishes to cancel the policy. At one time, many insurance policies required that the original policy be returned to the insurer to effect cancellation, and a lost policy release served in place of the original policy.

A lost time accident is a workplace incident that produces an injury that results in an employee missing time on the job beyond the date of injury.

The lowest achievable emission rate, under the Clean Air Act, is the rate of emissions that reflects the most stringent emission limitation in the implementation plan of any state for such source unless the owner or operator demonstrates such limitations are not achievable; or the most stringent emissions limitation achieved in practice, whichever is more stringent. A proposed new or modified source may not emit pollutants in excess of existing new source standards.

A low speed vehicle (LSV) is a four-wheeled motor vehicle, other than a truck type, having a top speed of more than 20 miles per hour but not more than 25 miles per hour on paved surfaces. LSVs are often modified, higher-powered golf cart-type vehicles with greater maximum speeds than standard golf carts or they are manufactured as an LSV. The personal auto policy (PAP) definition of "your covered auto" includes any LSVs shown on the declarations if the LSV endorsement is attached. The LSV is a federally approved street-legal vehicle classification that was developed in 1998 under federal motor vehicle safety standards.