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lifetime maximum benefit

Largest dollar amount that an insurance company will pay for an insured’s claims in a lifetime and/or the greatest dollar amount paid for all illnesses and injuries for each insured as long as the certificate is in effect. Also called total certificate membership benefit maximum and lifetime maximum .

Lifetime mortgage

A mortgage aimed at those who own property but have no income. A mortgage is raised on the property and either: (i) an annuity is purchased and the mortgage, plus interest which is added to the original loan, is repaid on sale of the property, often after the death of the borrower; or (ii) less frequently, the loan is repaid on death or sale together with a fixed percentage growth in the property value with interest paid during the mortgage term. Lifetime mortgages are FSAregulated when the mortgage meets the definition set down in the legislation.

lifetime reserve days (LRDs)

Medicare Part A coverage that means a reserve of 60 days of inpatient hospital care available over an individual’s lifetime that the individual may use after he or she has used the maximum 90 days allowed in a single benefit period. For each lifetime reserve day, Medicare pays all covered costs except for a daily coinsurance ($534 in 2009). Also referred to as lifetime reserve or reserve days .

LIFFE

The London International Financial Futures and Options Exchange, the financial and non-financial derivative exchange that launched LIFFE Weather Futures in 2001. (Visit www.liffe.com). See EXCHANGE TRADED CONTRACTS.

LIFFE Weather Futures

Standardised exchange-traded weather derivatives launched by LIFFE for companies seeking to manage weather risk. LIFFE’s contracts are written for London, Paris and Berlin creating a basis risk. The weather index is the monthly mean of daily average temperature not degree days. The instruments are traded freely and are therefore liquid as well as being transparent as live bids and offers can be seen and made in real time on LIFFE Connect.

Lift Irrigation Insurance

The insurance provides indemnity against damage caused to Lift Irrigation system which includes Intake Well, Delivery Chambers, Jack Well, Pump House, Water Storage Tank, Pipelines, Cables, Switches, Gears, Starters, Electric Motors of various capacities from 3 HP to 200 HP, Return and non-return valves. The risks covered are fire including riot, strike and malicious damage, flood, theft, earthquake, landslide, accidental damage to machinery and pipelines, bursting of pipelines and machinery breakdown cover for all machinery.

Lift policy

Covers breakdown but can be extended to cover sudden and unforeseen physical damage to the plant at the premises, temporarily elsewhere and in transit between the two. It also covers damage to own surrounding property resulting from fragmentation, damage to goods being lifted (excluding installed plant and machinery) and third party risks.