Libel Insurance is another form of Professional indemnity, for which a small market exists. A person libeled may sue the other, the publisher, the printer and the distributor of the libel, or any of them.
Insurance Encyclopedia
Libel insurance (Liability Insurance)
Insurance that covers the insured against legal action taken due to a statement he has written that is thought to be libelous.
Liberalization clause
A feature of property policies that promises that any future change in the company’s form that would broaden coverage with no change in premium will automatically apply under the policy currently in force.
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A clause in property insurance contracts which provides that if property or endorsement forms are broadened by legislation or ruling from rating authorities and o additional premium is required, then all existing similar policies will be construed to include the broadened coverage.
Liberalization clause (Property Insurance)
A clause stipulating that the policy will be changed to accommodate the changes mandated by legislation or rating authorities. In order for this clause to apply, no extra premium must be required.
License
MEDICAL,USA: 1. In insurance, a formal certification issued by a state department of insurance that an insurance agent is qualified to solicit insurance applications during a specified time period. 2. Approval granted by a state or government agency to engage lawfully in a practice, occupation, or specific activity of health care.
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A certification of authority for an agent or insurer to operate, given by the appropriate jurisdiction.
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A document, most often issued by the state, that proves the bearer’s authority to work as an agent or insurer.
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Certification of appropriate authority issued by a regulatory body to allow an entity to operate as an insurer or an insurance agent after certain standards have been met.
License and permit bonds
Suretyship guaranteeing that the principal will abide by the rules and obligations imposed by licensing laws or ordinances. For example, an electrician may have to post such a bond guaranteeing compliance with building codes before being licensed by a municipality.
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Bonds required by various municipalities or public authorities to indemnify them against loss in the event of violation of regulations or ordinance under which the permit is required.
License and permit bonds (Surety)
A bond mandated by the state or other ruling jurisdiction to be acquired by people working in certain occupations; for example, plumbers. The bond guarantees the bearer will comply with the governing laws. Should the bearer fail to comply, the bond identifies him or her.
License Driving
The license issued by a Competent Authority under Chapter II of the 1988 Motor Vehicles Act authorizing the person specified therein to drive, otherwise than as a learner, a motor vehicle or a motor vehicle of any specified class of description.
License Insurance
License Insurance is concerned in the main, with premises licensed for the sale of beer, or beer and wine or beer, wine and spirit. The Policy covers not only the value of the license up to the sum insured, but also the costs of appealing to quarter sessions against a refusal to the license at Brewster sessions including the costs of respondents to the appeals.
Licensed
1. Formal permission obtained from legal authorities to execute specific professional activities that conform to state regulations or federal regulations and compliance standards. This certification is applicable to individuals and health care facilities. 2. In reference to a long-term facility, this means the facility has met certain standards set by a state or local government agency. 3. For a health maintenance organization (HMO), that it has met all regulatory requirements before it started to operate in a locale and that the state authority reviewed and approved its fiscal soundness, network capacity, and quality assurance. Also referred to as licensure .