An endorsement to a “claims made” liability form used to exclude specific accidents, products, work or locations. It earned its nickname because it allows an insurer to zero in with a sharp focus to exclude specific exposures.
Insurance Encyclopedia
Laser beam endorsement (Liability Insurance)
An endorsement that allows insurers to exclude particular exposures.
Lash
Lighters Abroad Ship: See Also: “Ship.”
Lash Vessel
Designed to loan internally, barges specifically designed for the vessel. The concept is to quickly float the barges to the vessel (using tugs or ships wenches) load these barges through the rear of the vessel, then sales. Upon arrival at the foreign post, the reverse happens. Barges are quickly floated away from the vessel and another set of waiting barges quickly are loaded. Designed for quick vessel turn-around. Usually crane-equipped; handles mostly break-bulk cargo.
Last clear chance (Legal Terminology)
A principle wherein an individual who had a final clear opportunity to circumvent an accident and does not do so can be liable for the accident.
Last Clear Chance Rule
Statutory modification of the contributory negligence law allowing the claimant endangered by his or her own negligence to recover damages from a defendant if the defendant has a last clear chance to avoid the accident but fails to do so.
last menstrual period (LMP)
Last date of the patient’s monthly discharge of blood and cellular debris from the uterus through the vagina. This date is expressed as eight digits and placed in Block 14 of the CMS-1500 claim form.
Last straw/death blow cases
Final link in a chain of events closest in time to the loss but not closest in efficiency. In Leyland Shipping Co. v. Norwich Union (1918) a torpedoed ship later sunk following a storm, the ‘last straw’, but the proximate cause of the loss was the torpedo damage. The insurer was not therefore liable as the policy excluded war risks. An undamaged ship would have survived the storm.
Last survivor annuity
See: joint life and survivor annuity.
Last survivor insurance
Life policy on two or more lives under which the sum insured is payable on the last death. They are used in connection with leases granted for the lifetime of two or more people. Policies are usually whole of life or endowment.