Glossary

Living benefits are an option under some life insurance policies by which the insurer provides discounted policy proceeds (face amount, cash value, and dividends, if any) to a terminally ill insured.

A Lloyd's broker is a client representative sanctioned by the Council of Lloyd's to contact underwriters at Lloyd's and negotiate insurance with the underwriters on behalf of the representative's clients.

Lloyd's Central Fund is a fund to protect policyholders in case any underwriting member should be unable to meet their liabilities out of Syndicate Trust Funds, funds deposited at Lloyd's, reserves, and personal assets outside of Lloyd's.

A Lloyd's managing agent is a firm or company having complied with the requirements of the Council of Lloyd's for managing a syndicate (and that may also be a members' agent).

A Lloyd's members' agent is a firm or company that provides administrative services and advice to Lloyd's members.

Lloyd's of London is an association of independent underwriters operating in the United Kingdom.

Lloyd's syndicates are the risk bearers at Lloyd's that write the insurance.

A Lloyd's underwriter is a person who determines premiums, terms, and conditions for insurance policies underwritten by Lloyd's syndicates.

Loan-backs are loans of assets from a captive to a shareholder or affiliated entity.

Locality Standard is a common law liability doctrine stating that the standard of care to which a physician is held is a function of the locality in which they practice.