limited policy: Policy that covers only specified accidents or sicknesses.
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Category: Glossary
limited payment life insurance: Whole life insurance on which premiums are payable for a specified number of years or until death, if death occurs before the end of the specified period.
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lifetime disability benefit: A provision making benefits payable for an insured’s lifetime as long as the insured person is totally disabled.
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life insurance in force: The sum of the face amounts, plus dividend additions, of life insurance policies outstanding at a given time. Additional amounts payable under accidental death or other special provisions are not included.
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life expectancy: The average number of years of life remaining for a group of people of a given age according to a particular mortality table.
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Categories
Life Annuity – insurance term definition
life annuity: A contract that provides an income for life.
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liability insurance: Liability involves the cause of damage to someone’s property and the bodily injury someone incurs as a result of the negligence of another party. Liability insurance provides coverage for either individuals or businesses.
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level premium insurance: Insurance for which the cost is distributed evenly over the premium payment period. The premium remains the same from year to year and is more than the actual cost of protection in the earlier years of the policy and less than the actual cost in the later years. The excess paid in the early years builds up a reserve to cover the higher cost in the later years.
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level premium: Rating structure under which the premium level remains the same throughout the life of the policy.
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lender captive reinsurance: Reinsurance of an insurer by a captive reinsurance subsidiary of a lender. The captive typically reinsures only business produced by its parent and insured by one insurer. Trusts are established to control the flow of funds into and out of the captive. As with contract underwriting and GSE pool insurance, lender captive relationships are offered by insurers as a means of protecting primary business.
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