Legal Insurance Plans, in the event of a motor accident involving two vehicles, each motor insurer pays its own damage regardless of which party is responsible for the accident. Lagan Cargo threw overboard but buoyed so that it may be recovered.
Transport Cost
Leading to the cost of transporting coal from the colliery to the place of shipment. Lapsed Insurance policy especially a life policy that is terminated or canceled.
The insurer due to non-payment of premium in the stipulated time period. The ratio of the number of life insurance policies that lapsed within. A given period to the number in force at the beginning of that period. Lay Days allowed by charter for loading or discharging cargo.
Law of Large Numbers
This law states that the larger the number of exposures considered, the more closely the losses reported will match the underlying probability of loss. The simplest example of this law is the flipping of a coin. The more times the coin is flipped, but closer it will come to actually reaching the underlying probability of 50% heads and 50% tails.
Liability Plans
Liability In Legal Insurance Plans, For example, the driver of a motor car may be held legally liable if he or she is negligent in the operation of the car and injures another person or damages another person’s property.
Letter of Credit
A document issued by the bank and used to pay for cargo. The buyer arranges a letter of credit from their local bank, creating a fund in a foreign bank near the seller in a specified amount in the seller’s favor. The buyer authorizes the seller to draw drafts against the funds but goods purchased by the buyer.
Legal Terms and Conditions
A sum of money is paid to the seller under specific terms and conditions, including the receipt by the bank of certain documents within a given time. A letter of Indemnity is a legally binding contract whereby one party agrees to reimburse another for loss resulting upon the occurrence of a stated event. A right of action that could be enforced in a court of law.
Defamatory Statement
Liability Insurance can be of various types namely; (1) General public Liability or Third Party Liability Insurance, (2) Product Liability Insurance, (3) Professional Liability Insurance, etc.
Libel is a defamatory statement made in writing about another person. a contract that provides an income for life. Limited Payment Whole Life Policy is an insurance policy for which premiums are payable.
Life Expectancy
Life expectancy means the average age of a person. The average age varies from country to country. It depends on various social and economic factors.
So, Life insurance, as the name suggests, provides cover on the life of an individual and pays compensation to the dependents of the insured upon his/her death or pays the value of the policy to the insured upon maturity of the policy. Life Insured a person whose life is covered under a life Legal Insurance Plan.
Legal Insurance Event
The party that agrees to pay another party on the happening of an insured event. Life Insurance policy under which the insurance company promises to pay a benefit upon(1) Death, (2) Total and Permanent Disablement of the insured person, and (3) maturity of the policy.
Lloyd’s Broker
A person who has the authority to negotiate insurance contracts with the underwriters at Lloyd’s. A consortium of individual Lloyd’s of London underwriters. Usually, one person acts for the syndicate in accepting risks or rejecting them.
Underwrites Risks
An individual who underwrites risks through the facility of Lloyd’s. These individuals are liable only for their own assumption of risk. He is not liable for acceptance and risk assumed by others in the same syndicate.
The overall Lloyd’s Organization. Lien has a legal right over goods to hold them until the claim against the owner has been settled. Lighterage Small craft or vessel from which goods are loaded onto or unloaded from the mother vessel. But Liquidity is the ability and speed with which a security can be converted into cash.
Companies Nominated
Lloyd’s Agents are those companies approved or nominated by Lloyd’s. Lloyd’s Agents normally do the job or perform the task of marine surveyor or loss assessor. Lloyds Corporation is formed to service a group of underwriters. But, It does not issue insurance policies or provide insurance protection. Insurance is written by individual underwriters, with each assuming a part of the risk.
Loss Adjusters
Loss adjusters are independent professional people who possess the competence and expertise to adjust losses. Their services are usually engaged by Legal Insurance Plans companies. Their job includes such as(1) Survey or inspection of losses, (2) Negotiation of claims, (3) Loss adjustment, etc.
Remuneration
They usually receive remuneration from the insurer by way of fees. A reduction in the quality or value of a property, or a legal liability.So, Loss Exposure possibility that a loss may occur. Loss Reserve represents estimated costs or values of losses kept as a reserve by the insurer in their books against outstanding claims. The loss Ratio in property and liability insurance is the percentage that losses bear to premiums for a given period.
Long Tail Claim
However, This term is usually used to describe liability claims where losses that may give rise to a valid claim under a liability insurance policy are not notified/reported to the insurer by the insured immediately. But they are reported or notified much later after the occurrence of the incident. Loss Adjustment Expense is the sum insurer pays for investigating and settling insurance claims, including the cost of defending a lawsuit in court. But Lump Sum Distribution one-time withdrawal of money invested in an annuity. Lump Sum Freight.
Market Value
The value of a property is what it will fetch in a transaction between a willing buyer and a willing seller. Marine Insurance is designed to cover (1) Marine Hull and Machinery (2) Marine Cargo and (3) Third Party Liability, arising due to the operation of marine or sea perils namely; (a) sinking, (b) collision, (c) fire, and explosion on board the vessel, (d) heavy weather, (e) earthquake, (f) cyclone and storm, etc.
Finally
So, The claim a master and crew have on the vessel for the payment of wages due. Material Fact In insurance, it refers to a fact that is so important that disclosure of it may affect the decision of an insurance company, either with respect to writing a coverage, settling a loss, or determining a premium, Usually the misrepresentation of a material fact will void a policy.
