To lease, demise or convey; thus a sign ‘to let.’
Insurance Encyclopedia
Letter of Acceptance
A letter from the Insurer to the insured indicating that the insured’s proposal for Insurance has been accepted.
Letter of credit
A document issued by the buyer’s bank, through its foreign correspondent bank, establishing a credit against which the seller may draw after complying with specific instructions. In reinsurance, typically used to permit reserve credit to be taken with respect to non-admitted reinsurance an alternative to funds withheld and modified coinsurance.
Letter of Credit – Payment by Sight Draft
The exporter received guaranteed payment from the confirming bank upon presentation of the sight draft and documents required by the letter of credit.
Letter of credit (L/C)
A document issued by a bank, at the buyer’s request, guaranteeing payment to the seller upon receipt by the bank of shipping and documents validating the delivery of goods. L/Cs are also used on a ‘standby’ basis to secure recoverables from non-admitted reinsurers to enable the cedant to reduce its provision for unauthorised reinsurance in its statutory statement.
Letter of Credit (LOC)
(a) A financial guarantee issued by a bank that permits the party to which it is issued to draw funds from the bank in the event of a valid unpaid claim against the other party; (b) in Reinsurance, typically used to permit reserve credit to be taken with respect to non-admitted reinsurance; and alternative to funds withheld and modified coinsurance.
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REINSURANCE: A financial guarantee issued by a bank that permits the party to which it is issued to draw funds from the bank in the event of a valid unpaid claim against the other party; in Reinsurance, typically used to permit reserve credit to be taken with respect to non-admitted reinsurance; and alternative to funds withheld and modified coinsurance.
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REINSURANCE: A financial instrument obtained from a bank that guarantees the availability of funds to be collected in the future under a reinsurance contract. In the noncommercial setting, these are known as standby credits in the event of non-performance by the obligor. Uniform Custom and Practices for Document Bearing Credits (2007 rev.) ICC, Pub. No. 600. See also Evergreen Clause.
Letter of Indemnity
A letter giving indemnity to a party in return for a document which might otherwise prejudice the rights of the party. Sometimes called a ‘hold harmless’ agreement. Such letter may be given to an Insurer as a protection for the issue off a duplicate Policy where the original has been mislaid or lost.
Letter of request
On organizational letterhead, a formal document detailing needs and purposes by a requestor for a federally funded project. In addition, a letter of support is required from the federal project officer on his or her organizational letterhead.
Letter of support
On organizational letterhead, a document from the federal project officer justifying the need for Centers for Medicare and Medicaid Services (CMS) data and supporting the requestor’s use of such data.
Lettered rules
York-Antwerp Rules that are prefixed by a letter rather than a number. The lettered rules apply only when it is impossible to apply the numbered rules.
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Those of the York-Antwerp Rules that are prefixed by a letter as distinct from a number. The lettered rules are applicable only in circumstances to which it is impossible to apply the numbered rules.