A policy that permits the insured to pay the entire premium quicker than the traditional model.
Insurance Encyclopedia
Limited payment whole life insurance
Type of whole life insurance that may specify the number of years that premium payments are payable or the specific age when premiums are no longer paid. The policy may also state that premiums are payable until death if death occurs before the end of the specified period. Also referred to as limited payment life insurance .
Limited policies
Contracts which cover only certain specified diseases or accidents.
Limited policies (Health Insurance/Life Insurance)
Policies that only pay in the event of certain occurrences as specified in the contract. In health insurance, this term can be used to refer to a contract with low limits and limited forms.
Limited policy
Insurance contract that gives coverage only to specific accidents or illnesses.
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A Policy providing Insurance against specified types of accidents or restricted in indemnity payments as contrasted with full coverage policies.
Limited Pollution Liability Coverage
Commercial form providing pollution liability coverage on a “claims made” basis, but not providing any coverage for clean-up costs.
Limited pollution liability coverage form (Liability Insurance)
A commercial form that offers pollution liability coverage if a claim is made, but does not offer coverage of clean-up expenses.
Limited practitioner
See: limited license practitioner (LLP) .
Limited premium life policy
A life policy under which the premium is payable for a limited period only and not the full duration of the policy term; e.g., a whole life policy may be written with premiums terminating at age 65 while the policy remains in force.
Limited Price Indexation (LPI)
See: INDEXATION.