Final link in a chain of events closest in time to the loss but not closest in efficiency. In Leyland Shipping Co. v. Norwich Union (1918) a torpedoed ship later sunk following a storm, the ‘last straw’, but the proximate cause of the loss was the torpedo damage. The insurer was not therefore liable as the policy excluded war risks. An undamaged ship would have survived the storm.
Insurance Encyclopedia
Last survivor annuity
See: joint life and survivor annuity.
Last survivor insurance
Life policy on two or more lives under which the sum insured is payable on the last death. They are used in connection with leases granted for the lifetime of two or more people. Policies are usually whole of life or endowment.
Late applicant
Eligible individual who applies for group health insurance after the 31-day open enrollment period.
Late effect
Inactive residual effect or condition produced after the acute phase of an illness or injury has ended. There is no time limit on when late effects can appear. For example, an individual could suffer an injury and then years later develop arthritis at that site. When listing the diagnostic code, sequence the condition code first and then the late effect code, unless the late effect code is combined with the manifestation in one code or the late effect is followed by the manifestation. Also known as sequelae .
Late enrollment fee
Dollar amount an individual must pay if there is a time limit for enrollment into a health plan and the patient delays enrollment beyond the deadline.
Late entrant
Individual joining a group life and pension scheme beyond the date at which he was automatically eligible for membership.
Late penalty
Under a Medicare Part D plan, this phrase means it is the extra dollar amount added to the monthly insurance premium if the Medicare beneficiary does not enroll when first eligible unless he or she is covered by creditable coverage from another plan. The penalty is 1% for every month past the end of the initial enrollment period that was May 15, 2006.
Late retirement
Actual retirement of a pension scheme member after his normal retirement age.
Late retirement age
After the normal retirement age of 65. Qualified pension plans cannot force a plan participant to retire at a specific age and cannot stop accruing pension benefits if he or she wants to work beyond the normal retirement age.