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Glossary


Labor union group life insurance refers to an insurance plan for members of a union that usually offers annual renewable term life insurance policies, but some plans provide permanent life insurance policies.

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The Lamb-Weston rule prescribes a way of apportioning coverage among multiple applicable policies that imposes pro rata sharing of covered losses, regardless of the policies' "other insurance" provisions.

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Lapse concerns the termination of an insurance policy due to the insured's failure to pay the premium.

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Lapse ratio refers to the number of policies that lapse during a period to the total number of policies written at the beginning of that period.

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A laptop exclusion is one found in cyber and privacy insurance policies that excludes coverage for both first-party property and third-party liability claims caused by lost or stolen laptop and notebook computers.

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A large deductible plan is a cash flow workers compensation insurance program that allows the insured to retain a portion of each loss through a substantial deductible and to transfer onto an insurer losses in excess of that deductible.

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Large line capacity concerns an insurer's financial ability to assume a significant exposure under a single primary or excess insurance policy.

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A laser exclusion is an exclusionary endorsement under a claims-made commercial general liability (CGL) policy that excludes liability arising from the products, locations, accidents, or work specified in the endorsement.

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The last injurious exposure is a trigger used to establish which employer and workers compensation insurer are responsible for occupational disease that has manifested in an employee.

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Last in, first out is an accounting method for inventory and cost of sales in which the last items produced or purchased are assumed to be sold first.

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