See: INDEXATION.
Insurance Encyclopedia
Limited Risk Reinsurance
See: Financial Reinsurance, Finite Reinsurance, Nontraditional Reinsurance, Structured Reinsurance.
Limited Terms
F.P.A., T.L.O., or any other conditions that indicate cover excluding partial loss,
Limited Theft Coverage Endorsement
May be attached to a Dwelling Policy to provide theft coverage for a named insured who is not an owner occupant.
Limited theft coverage endorsement (Property Insurance)
A form that protects occupants of a home who are not the owners against theft.
Limiting charge
Maximum amount a nonparticipating physician may legally charge a Medicare patient for services billed on nonassigned insurance claims. In the original Medicare plan, it is usually the highest amount of money a beneficiary can be charged for a covered service by doctors and other health care suppliers who do not accept assignment. The limiting charge is 15% over Medicare’s approved amount. The limiting charge only applies to certain services and does not apply to supplies or equipment. This was previously called a maximum allowable actual charge (MAAC) . Also referred to as billing limit or limiting fee charge .
Limiting fee charge
See: limiting charge .
Limits
(i) The maximum amount of benefits payable for a given situation or occurrence e.g., a limit of Rs. 5,00,000 on contents of a home or a Rs. 10,00,000 per accident limit for property damage liability policy. (ii) Ages limits below or above which the insurer will not issue a policy or above which it will not continue a policy presently in force.
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REINSURANCE: The maximum amounts of interest insured. The word can be used to describe a cedant’s retention, a cedant’s gross capacity or the maximum amount which may be reinsured under a reinsurance contract.
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The maximum benefit that will be paid out as a result of a loss. This term can also refer to the age at which an insurer will not issue a policy or will no longer continue a policy.
Limits of Insurance
The greatest amount of insurance a policy will provide the amount beyond which the insurer is no longer required to pay. Line (of Insurance ): (i) Particular type of Insurance, such as the liability “line.” (ii) All types of Insurance written for a property owner, such as all lines for ABC Manufacturing. (iii) Amount of Insurance on a given property, such as a Rs. 10,00,000 line on XYZ manufacturing’s building. (iv) Gross line-total amount of Insurance accepted by an insure on individual risk, including the amount Reinsured. (v) Net Line: amount of coverage retained by the Ceding Insurer on an individual risk in a surplus Reinsurance treaty or the maximum amount of loss on a particular risk to which an Insurer will expose itself without Reinsurance.
LIMNET
Means the London Insurance Market Network, a computerised network. It merged under WISE (World Insurance E-Commerce) with two other leading electronic networks in 1999.