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Lo/ Loa Loc Log Lok Lon Loo Los Low Loy

Losses occurring reinsurance

Covers losses occurring during the period of the treaty regardless of the date of the claim. The reinsurer’s liability is triggered by an occurrence within the treaty period even though the underlying policy may have been incepted before the treaty commenced as in long-tail claims. Compare with claims-made reinsurance and risks attaching.

Losses Outstanding

REINSURANCE: Losses (reported or not reported) which have occurred but have not been paid.
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The amount of loss for which the Insurer is liable and which it expects to pay in the future.
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The claims not yet settled by an insurer, expressed in a summary statement.

Losses Paid

Tabulation of claims that have been paid. The amount of loss for which money has been disbursed by the Insurer.
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REINSURANCE: The amount paid by reinsurer to the cedant company on account of losses incurred.
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The claims that have been paid.

Lost or Not Lost Clause

A clause of Ocean marine Insurance by which goods are insured by the Insurers no matter whether the same are already lost or not lost before the Policy is issued. (ii) Coverage of a ship at sea “afloat or sunk.” The reason for such a clause is that many times the owners of cargoes or ships would insure them after the ship had left the port, and prior to modern methods of communication, there was no way of knowing whether or not the venture had been lost at the time the insurance was taken out.

Lost policy release

A means whereby an insured may cancel a policy by signing a statement to the effect that, since his or her policy has been lost, he cannot return it to the insurer to effect cancellation, but still wishes to cancel the policy.
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A statement signed by the insured releasing the Insurance Company from all liability under a lost or mislaid contract of Insurance.
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A statement that is typically signed after the insurer has initiated a replacement policy. This statement releases the insurer from a lost or misplaced contract.