Glossary

The life income with period certain option is a life insurance settlement option under which a beneficiary may have policy proceeds converted to a life annuity for the beneficiary with the benefit period based on the beneficiary's life expectancy and payments that continue for that period of time whether or not the beneficiary lives.

Life insurance risk factors describe information about an individual that is needed to underwrite a life insurance policy, such as age, sex, weight, current health, medical history, height, tobacco use, and occupation.

A life insurance trust is an agreement that provides for the placing of life insurance proceeds into a trust fund, which is administered by a trustee within the terms of the trust.

The Life Office Management Association (LOMA) is an educational organization that focuses on the life insurance business and develops administrative and technical courses.

Life underwriters' professional liability insurance refers to a specialized professional liability insurance policy patterned after the insurance agents errors and omissions (E&O) policy that provides coverage for life insurance agents and general agents.

The Life Underwriter Training Council (LUTC) is an organization that prepares and administers life insurance underwriter training programs.

Lilly Ledbetter Fair Pay Act of 2009 is a federal law amending the Civil Rights Act of 1964 and stating that the 180-day statute of limitations for filing an equal pay lawsuit begins to run with each new discriminatory paycheck.

Limit is the maximum amount an insurance policy or reinsurance agreement can be called upon to pay for a specified coverage.

A limitation of liability clause caps the amount of liability one party to the contract may have to the other party.

A limitation of risk concerns the maximum amount an insurer or reinsurer can be obligated to pay in any one loss event.