A ‘nuisance’ peril that may create liability for third party property damage. Construction industry firms face this risk, which can also cause damage to the contract works and the insured’s own property. Insurance can be arranged under JCT clause 21(2)(1) ‘non-negligent’ cover. Ground water is water occupying the pores and crevices of rock and soil as opposed to surface water. Where the work of the contractor lowers the ground water the stability of buildings may be undermined leading to a nuisance.
Insurance Encyclopedia
Loyalty Channel of Insurance Distribution/Marketing
One of the recent distribution approaches focused towards a particular segment of customers. To manage orphan clients that is customers who were sourced by the distributors who have since existed is one of the issue that insurers are attempting to fix. Loyalty channel is more of a customer relationship management approach to offering service and exploring opportunities for repeat business to the existing orphan customers. This channel usually a part of the Direct Sales Channel of an insurance company focuses on sourcing repeat business from orphan customers.
Loyalty Discount
A discount offered to the holder of an insurance which is renewable at his option to induce him to renew the policy with the same insurer
LPG Dealers Multi Perils Insurance
Comprehensive cover to suit the various requirements of LPG Dealers. The Policy covers Fire and allied perils for building/contents, burglary and housebreaking for contents, gas cylinders in transit, cash in transit/safe/counter, fidelity guarantee, pedal cycles including tricycle when covered, public liability, personal accident of insured named partner/Director/member of managerial staff/employee(s), personal accident benefits to third part is and customers, accidental breakage to plate glass in the insured premises, neon sign/glow sign. Fire Insurance on contents and burglary is compulsory.
LPG Dealers’ Public Liability Insurance
Policy covers legal liability for accident bodily injury/damage to property of third parties occurring in connection with LP Gas distribution.
LR
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating laboratory round-trip service.
LS
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a U.S. Food and Drug Administration–monitored intraocular lens implant.
LT
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating procedures performed on the left side of the body.
Ltge
Lighter age The cost of loading or unloading a vessel by means of barges alongside.
Lump sum
Method of settlement wher the claimant or beneficiary receives the entire proceeds of the policy at once rather than in instalments. Life policies are usually settled in this way.