Glossary

A liberalization clause is a provision that extends to persons already insured under a particular policy the broadened coverage features that may be introduced in subsequent editions of that policy form.

A license is a certification of appropriate authority issued by a regulatory body to allow an entity to operate as an insurer or an insurance agent after certain standards have been met.

A licensee is a party who enters property with the express or implied-in-fact permission of the occupier.

A license and permit bond is one that is required by a municipality or other public body as a condition to granting a license or permit to engage in a specified activity, this bond guarantees that the party seeking the license or permit (the obligor) will comply with applicable laws or regulations.

A lien is a legal claim against or financial interest in the property of another, usually created by having performed work on or advanced funds in connection with the property.

The lifetime disability benefit is a long-term disability insurance policy that continues payments until the death of the insured.

The lifetime limit is the maximum dollar benefit an individual may receive under a health insurance policy or plan.

A lifetime policy is a life insurance or disability insurance policy that is noncancelable or is guaranteed renewable, usually for as long as the insured lives.

Life expectancy concerns the average number of years a person of a certain age is expected to live as shown on an annuity table or mortality table.

The life income option is a life insurance settlement option under which a beneficiary may have policy proceeds converted to a life annuity for the beneficiary.