Glossary
The limit of insurance is the most that will be paid by the insurer in the event of a covered loss under an insurance policy.
Read MoreLIMRA International, Inc. (LIMRA), is an international association headquartered in Windsor, Connecticut, that conducts market, consumer, economic, financial, manpower, and human resources research for life insurance and financial services companies.
Read MoreA line of business is a general classification of insurance industry business—for example, fire, life, health, liability.
Read MoreA line sheet is a schedule showing the maximum limit of liability that can be written by an insurer for different classes of risks; also called a "line guide."
Read MoreLiquidated damages refers to a stipulated amount as agreed upon in a contract.
Read MoreLiquidity is a measurement of key financial variables that impact an insurer's ability to pay claims.
Read MoreLiquidity risk refers to the exposure to adverse cost or return variation stemming from the lack of marketability of a financial instrument at prices in line with recent sales.
Read MoreLiquor law liability refers to the common law liability imposed on those selling alcoholic beverages, as well as the statutory liability established in some states, which is excluded in general liability policies.
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