MEDICAL,USA: 1. Claim on the property of another as security for a debt. 2. In litigation cases, it is a legal promise to satisfy a debt owed by the patient to the physician out of any proceeds received on the case.
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A charge upon real or personal property as security for some debt or duty. Also, the security interest created by a mortgage or automobile loan. The conditions of an insurance policy require the disclosure to the insurer of any existing lien on the insured property.
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A claim of one person upon the property of another as a security for some debt or charge.
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UK: The right to hold someone’s property as security for the performance of an obligation. A broker who, as agent, pays the premium and receives the policy, may retain it under the broker’s lien until reimbursed. These rights depend on proper performance by the agent of his duties. The lien does not usually apply to money due from another broker or sub-agent. In life insurance lien means debt. A carrier’s lien which operates in a similar way to protect a carrier when freight is payable at destination.
Insurance Encyclopedia
Lien (Legal Terminology)
A claim against property, brought by a worker or creditor who has not received the appropriate payment.
Lien plan (Liability Insurance)
A rarely issued type of coverage under which a substandard risk is insured, but less than the full policy benefit is paid out if the insured dies before a certain time.
Lienholder
A person entitled to a lien.
Life annuity (Annuities)
An annuity that supplies the insured with a lifelong income, which is paid on a regular basis.
life annuity with period certain
A policy in which if the annuitant dies before the end of the specific time period, the insurer will continue to pay to a contingent beneficiary until the end of the designated period. Also called life income with period certain annuity .
Life assurance
Another term for life insurance.
Life Assurance Act 1774
Made insurances on the lives of persons or events (ships or merchandise excepted) null and void if the person benefiting had no interest. It also made it unlawful to issue policies without naming the person for whose benefit the policy is issued. It further provided that no greater amount than the value of the interest could be recovered under the policy meaning the amount of interest at inception not the time of claim. See INSURABLE INTEREST.
Life Assurance Companies (Payment into Court) Act 1896
Enables a life insurance company, unable to obtain a satisfactory discharge for the policy proceeds, to pay them into court.
Life assured
the individual on whose death or survival the death benefit under a life assurance policy becomes payable; may not be the same as the assured meaning the holder of the policy.
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The person whose life is insured under a life insurance.