The net cost of a life insurance policy. This amount is determined by deducting the value of the policy at the end of the year from the total amount of premiums paid, minus dividends.
Insurance Encyclopedia
Left employment
To cease working at a company. The employee may be eligible for continuation of health insurance coverage with the group or may take out an individual policy.
Left unattended
Goods in transit term restricting cover when vehicles are left unattended. Whether a vehicle is left unattended is a question of fact. A vehicle was held to be unattended when its driver was in a shop for 15 minutes quite unable to watch over the vehicle. In Starfire Diamonds v. Angel (1962) 2 Lloyd’s Rep. 213, the Court of Appeal held that a car was left unattended when the driver left his car in a lay-by while urinating behind some bushes 37 yards away. He saw a man on the far side walking away with a suitcase from the car but was not in a position to attempt to frustrate any attack on the vehicle. See ORDINARY MEANING RULE.
Legacy numbers
Prenational provider identifiers such as provider identification numbers (PINs), unique physician identification numbers (UPINs), online survey certification and reporting system numbers (OSCARs), and national supplier clearinghouse numbers (NCSs) for DMERC claims. These were carrier-assigned numbers that every facility, physician, clinic, or organization that rendered services to patients when submitting insurance claims used. These have been replaced with the National Provider Identifiers (NPIs).
Legal actions provision
Individual health insurance clause that limits the period during which a claimant may file suit against the insurer to collect a disputed claim amount. It also specifies that no lawsuit can be brought against an insurance company until a specific time period after a claim is filed.
Legal assignment
An assignment that permits an assignee to sue in his own name. The Policies of Assurance Act 1867 allows the assignee to sue on the policy provided he has given notice to the insurer in writing. The policy must be endorsed or the assignment must be by separate instrument. See EQUITABLE ASSIGNMENT.
Legal business name
Name reported to the Internal Revenue Service (IRS) that is legally the business title.
Legal Costs & Expenses Insurance (Legal Protection Insurance)
Insurance of the legal costs and expenses incurred by the insured in (a) Pursuing a civil claim against a third party, (b) defending a civil action brought by a third party, and (c) defending criminal proceedings where the offence alleged was not a deliberate wrongful act.
Legal costs extension
A liability policy clause indemnifying the insured against his own defence costs if incurred with the insurer’s consent. These costs are borne by the insurer in addition to damages and claimants’ costs tha are subject to the specified limit of indemnity. The legal costs form a part of the indemnity limit only if the limit is costs inclusive.
***
The extension of a liability insurance to provide for the payment of the insured’s legal costs in litigation other than the defence of the insured against claims arising under the liability insurance (which costs are commonly covered by the insurance in any event).
Legal description
A statement containing a designation by which land is identified according to a system set up by law or approved by law.