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Glossary


Legal funding, sometimes called litigation finance, third-party litigation finance (TPLF), or alternative litigation financing (ALF), refers to transactions in which a third party provides capital to one of the parties to a legal claim (e.g., a plaintiff, defendant, or law firm).

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A legal liability coverage form is the Insurance Services Office, Inc. (ISO), Commercial Property Legal Liability Coverage Form (CP 00 40) that provides coverage for sums the insured is obligated to pay as a result of accidental damage from a covered cause of loss to property of others in the insured's care, custody, or control (CCC).

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A legal principles claim specialist (LPCS) is a claims law specialist designation offered by the American Educational Institute (AEI).

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A legal reserve life insurance company is a life insurer that maintains reserves at least equal to the minimum prescribed by law or regulation in the state in which it does business.

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Legal risk is the possibility of reputational or financial loss as a result of legal issues.

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The Lemon test is a three-part test commonly used to determine whether a government's treatment of a religious institution constitutes "establishment of a religion" (which is prohibited under the establishment clause of the First Amendment).

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Lenders liability coverage provides coverage for errors and omissions (E&O) arising out of the extension of credit by financial institutions.

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A lenders loss payable endorsement is a commercial property policy endorsement that gives a creditor of the insured that has loaned money in connection with the insured's personal property the same rights and duties that a mortgage clause gives a mortgagee.

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Lender liability is caused by the wrongful acts of a lending institution.

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A lessee is the person to whom a lease is granted, the tenant.

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