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GLOSSARY

 GLOSSARY TERMS by Alpha
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Larceny
Latent defect
Leasehold interest insurance
Legal liability
Level Premium Life Insurance
Level term insurance
Liability Insurance
Liberalization clause
Life expectancy
Life insurance
Limited partnership
Limited pay policy
Liquor liability insurance
Living benefits
Loading and unloading exclusion
Long-term care insurance
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Loss limit
Loss ratio
Loss trending
Lost policy release
Lum sum distribution

Liberalization clause

A feature of property policies that promises that any future change in the company’s form that would broaden coverage with no change in premium will automatically apply under the policy currently in force.

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