A clause of Ocean marine Insurance by which goods are insured by the Insurers no matter whether the same are already lost or not lost before the Policy is issued. (ii) Coverage of a ship at sea “afloat or sunk.” The reason for such a clause is that many times the owners of cargoes or ships would insure them after the ship had left the port, and prior to modern methods of communication, there was no way of knowing whether or not the venture had been lost at the time the insurance was taken out.
Insurance Encyclopedia
Lost policy release
A means whereby an insured may cancel a policy by signing a statement to the effect that, since his or her policy has been lost, he cannot return it to the insurer to effect cancellation, but still wishes to cancel the policy.
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A statement signed by the insured releasing the Insurance Company from all liability under a lost or mislaid contract of Insurance.
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A statement that is typically signed after the insurer has initiated a replacement policy. This statement releases the insurer from a lost or misplaced contract.
Lost wages
Potential earnings the insured was unable to receive due to an injury or disability.
Lost years
The years by which a person’s life expectancy is reduced following injury caused by another person. During his lifetime the claimant is able to recover as a separate head of damages for the loss of earnings during the ‘lost years’ (Pickett v. British Rail Engineering Ltd (1980) A.C. 136). However, the legal representatives of a deceased person can no longer recover damages under this head for the estate (Adminstration of Justice Act 1982).
Lost-time claim
In workers’ compensation cases, this is a claim filed for the time lost from work as a result of an industrial injury or occupational illness.
low complexity (LC)
Phrase used to describe a type of medical decision-making when a patient is seen for an evaluation and management (E/M) service. Medical record documentation must consist of a limited number of diagnoses or management options, a limited amount of data or complexity of data reviewed, and a low risk of complications and/or morbidity or mortality.
Low cost endowment
A combination of with-profit endowment and decreasing term insurance introduced as a part of house purchase schemes.
Low severity presenting problem
Medical problem in which the risk of morbidity without treatment is low and there is little or no risk of mortality without treatment. Usually full recovery without functional impairment is expected.
Low start endowment insurance
Variation of low cost endowment under which the premiums in the early years are low on the understanding that later premiums will be at higher than normal level to compensate for the early years reduction. The aim is to assist a person with a limited income but who has prospects of good future salary increases. The sum insured and bonuses are not affected by the low early premiums.
low utilization payment adjustment (LUPA)
In the home health prospective payment system, an episode of four or fewer visits is paid using the national standardized per visit rates instead of the home health resource group (HHRG).