legal reserve life insurance company: A life insurance company operating under state insurance laws specifying the minimum basis for the reserves the company must maintain on its policies.
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legal reserve: The minimum reserve, as calculated under the state insurance code, which a company must keep to meet future claims and obligations.
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lapsed policy: A policy terminated at the end of the grace period because of non-payment of premiums.
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lapse ratio: Surrenders and lapses as a percentage of average insurance in force for the year.
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lapse: Termination of coverage because of nonpayment within a specified time period.
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LOB: Line of business
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key-person insurance: Insurance designed to protect a business against the loss of income resulting from the disability or death of an employee in a significant position.
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invested assets: The sum of an insurance company’s bond, stock, mortgage loan, real estate, collateral, loan, cash, and short-term investments.
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integration: The combining of two or more benefit plans to prevent duplication of payments.
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insuring clause: Stipulation in an insurance policy that states the type of loss the policy covers and lists the parties to the contract.
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