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Lapse

Termination of a policy upon the policy owner's failure to pay the premium within the
grace period.


Level Term Insurance

Term coverage on which the face value and premiums remain unchanged from the date the policy comes into force to the date the policy expires.


Life Expectancy

The average number of years remaining for a person of a given age to live as shown on the mortality or annuity table used as a reference.


Life Insurance

An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured.


Life Insurance Contract

life insurance contract is made up of provisions, options, and riders. Provisions describe or explain features, benefits, conditions, or requirements of the contract. Options are features of the agreement that require you to make a choice regarding some aspect of coverage. Riders are additional coverage (or endorsements) offered by the insurer at the time of application and added to the standard agreement in return for an additional premium.


Life Insurance Policy

Your life insurance policy is a contract between your life insurance company and you. Depending on which type of Life Insurance Policy you opt for, as long as you continue to pay a premium, it guarantees that the company will pay a certain amount of money (the face value of the policy or coverage amount, called the death benefit) to your estate or chosen beneficiary, upon your death.


Limited Pay Policy

A type of whole life insurance designed to let the policyholder pay higher premiums over a specific period such as 10 or 20 years and then not pay any premiums for the rest of his or her life.


Leased Vehicles

If you have just entered into a lease agreement, please take a moment to read and understand this information. Contractual leasing agreements vary greatly from company to company. Your lease agreement is a contract which you will probably be held to by law.

Often leasing contracts hold you responsible for damage or theft to the car -- far beyond the actual cash value of the vehicle. Insurance companies offer comprehensive and collision coverages on an actual cash value basis only, as determined by NADA or similar books. Therefore, it is possible to be legally responsible to the leasing company for more than the amount the insurance company will pay you in the event of a loss. The balance, if any, will be your responsibility.

Please be very careful when entering into any contractual agreement, and fully understand your responsibilities stemming from such.


Leasehold Interest Coverage

Leasehold Interest insurance provides coverage for a tenant in the event his or her lease is terminated. The lease may be terminated due to (1) a clause in the lease specifying that the lease is terminated in the event of property damage causing the premises to be unavailable for tenancy, or (2) condemnation of the leased premises. It is a form of "time element" coverage that serves to provide coverage for the difference between the old rental and a new, likely more expensive rental.

 

Liability Coverage Extensions

(1) Knowledge of Accident

It is hereby understood and agreed that knowledge of an accident by the agent, servant, or employee of the insured shall not in itself constitute knowledge by the insured, unless the insured shall have received such notice from its agent, servant, or employee.

(2) Notice of Accident

It is further agreed that failure of any agent, servant, or employee of the insured (other than the insured) to notify the company of any accident of which he/she has knowledge shall not invalidate the insurance afforded by this policy as respects the named insured.

(3) Unintentional Errors or Omissions

Coverage afforded by this policy shall not be invalidated or affected by any inadvertent errors, omissions, or improper descriptions of premises, elevators, or other descriptions mentioned in this policy.

(4) Broadened Named Insured Wording

These coverages will automatically apply to ". . . any affiliated, associated, allied or subsidiary company or entity (including subsidiaries thereof), now held or hereinafter acquired or constituted . . ."

(5) Liability Waiver of Subrogation

Carrier agrees that it shall accept no rights of subrogation against any grossly negligent employee or executive officer of any named insured.

(6) Voluntary Workers' General Liability

The word "insured" has been amended to include these individuals for General Liability coverages.

 

Liquor Liability Insurance

Liquor liability insurance provides coverage for bodily injury or property damage for which an insured may be held liable by reason of the following:

Causing or contributing to the intoxication of any person;
Furnishing alcoholic beverages to a person under the legal drinking age or under the influence of alcohol; or
Violating any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages.
This coverage applies only if the insured is involved in the following activities:
Manufacturing, selling, or distributing alcoholic beverages;
Serving or furnishing alcoholic beverages for a charge, whether or not such activity requires a license or is for the purpose of financial gain or livelihood; or
Serving or furnishing alcoholic beverages without a charge, if a license is required for such activity.



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