A risk appraiser or life insurance agent.
Insurance Encyclopedia
Life underwriters
See: agent .
Life, accident, sickness and unemployment insurance (LASU)
Creditor insurance under which a death benefit is added to protection against loss of income following accident, sickness and unemployment.
Lifetime Disability Benefit
US: A benefit to help replace income lost by an insured person as long as he/she is totally disabled, even for a lifetime. Disability income payable for the life of the insured as long as he is totally disabled.
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A payment to help replace income lost by an insured person for as long as he is totally disabled, even for lifetime.
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MEDICAL,USA: Insurance contract terms that provide for payment of disability income for an insured’s lifetime as long as he or she is totally disabled.
lifetime limit
Maximum amount of insurance benefits payable under an insurance policy.
Lifetime maximum
See: lifetime maximum benefit .
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.