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Glossary


Layering is the building of a program of insurance coverage using the excess of loss approach.

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LC5 refers to the median level concentration, a standard measure of toxicity.

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LD50 refers to the dose of a toxicant that will kill 50 percent of the test organisms within a designated period.

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Leading involves guiding, leading, and motivating others to achieve plans.

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Lead reinsurer refers to the reinsurer that negotiates the terms, conditions, and premium rates and first signs on to the line slip; reinsurers that subsequently sign on to the same slip are considered following reinsurers and are bound by the same terms and conditions to which the lead reinsurer agreed.

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The term lead umbrella refers to the first umbrella policy in a multilayer excess program that sits directly over the primary policies.

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Lean construction takes the principles of lean production and applies them to the construction process.

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Leasehold interest refers to property insurance covering the loss suffered by a tenant due to termination of a favorable lease because of damage to the leased premises by a covered cause.

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Lease gap coverage is an optional coverage endorsement to a commercial auto policy that applies in the event of a total loss to a covered auto that is financed or has a leased agreement.

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Legal action against insurer is a provision in most standard insurance coverage forms that imposes certain limitations on an insured's right to sue the insurer for enforcement of the policy.

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