Glossary

Lessees of Safe Deposit Boxes Coverage Form I is an outdated commercial crime insurance form used to insure against the loss of securities (not money) and property (other than money and securities) from within a safe deposit box in a vault at a financial institution.

A lessor is the person granting a lease, the landlord.

Less than truckload in the motor carrier industry means the motor carrier consolidates loads from multiple shippers into one cargo load.

A letter of credit (LOC) is a legal commitment issued by a bank or other entity stating that, upon receipt of certain documents, the bank will pay against drafts meeting the terms of the LOC.

In the traditional sense, leverage refers to the employment of funds for which a firm pays a fixed cost or return.

Liability is the term for any legally enforceable obligation.

Liability insurance is a form of insurance that applies to the obligation of the insured to pay damages arising out of legal liability to others.

Liability Limits are the stipulated sum or sums beyond which an insurance company is not liable for payments due to a third party.

The federal Liability Risk Retention Act, enacted by Congress in 1986, was an expansion of the Product Liability Risk Retention Act of 1981 and addressed availability needs of commercial liability insurance in the market in the 1980s. The Act utilizes both risk retention groups (RRGs) and purchasing groups (PGs) to accomplish its purpose.

Libel is the written publication of untrue, defamatory statements that lower a person's esteem in theirr community and that gives rise to a legal cause of action against the publisher.