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La Lc Ld Le Li Ll Lm Lo Lp Lr Ls Lt Lu Lv Ly
Lo/ Loa Loc Log Lok Lon Loo Los Low Loy

Loan value

In life insurance, this is a specific amount that can be borrowed from the issuing company by the policy owner, using the cash value of the policy as collateral. If the policy owner dies and the debt is not completely paid, then the amount borrowed plus any interest is deducted from the face amount of the loan.
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The amount which can be borrowed at a specified rate of interest from the issuing company by the policyholder, using the value of the policy as collateral. In the event the policyholder dies with the debt partially or fully unpaid, then the amount borrowed plus any interest is deducted from the amount payable.

Loanback

A loan facility generally available under a personal pension scheme. Common uses of the loan include purchase of house or business premises (pension mortgages), or new machinery, or meeting short-term requirements. The policyholder has to provide security for the loan, as the pension policy cannot be used for this purpose. A first or second charge on property is normally taken but the lender may take other forms of security. The loan does not have to be repaid until retirement at which time it is financed out of the tax-free lump sum available at that time.

Loans (life policies)

Whole life and endowment policies include a privilege clause undertaking to grant a loan up to 90 per cent or 95 per cent of the surrender value. The rate of interest is determined at the time of the loan. Repayment can be made at any time or when the policy matures. Meanwhile interest and premiums are payable. An alternative way of securing a loan on a life policy is to use it as collateral security when borrowing from a bank.

Local Agent

A producer of insurance whose activities are purely of local extent. Local Authorities Clause under Standard Fire and Special Perils Policy : Reinstatement value policy may be extended to cover additional cost of reinstatement solely by reason of the necessity to comply with the regulations of the local authority. No additional premium.
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An agent who works on behalf of the insurance companies in a small territory in a sales and service capacity. The agent is an independent contractor who earns commission on sales.

Local anesthesia

Absence of sensation in a small area of the body that is time limited. It may be brought on by various anesthetic medications administered through local tissue infiltration, topical application, or subcutaneous or intradermal field block or nerve block injection. Benefits include reduced cost, ease of administration of medication, low toxicity, and quick recovery.