The years by which a person’s life expectancy is reduced following injury caused by another person. During his lifetime the claimant is able to recover as a separate head of damages for the loss of earnings during the ‘lost years’ (Pickett v. British Rail Engineering Ltd (1980) A.C. 136). However, the legal representatives of a deceased person can no longer recover damages under this head for the estate (Adminstration of Justice Act 1982).
Insurance Encyclopedia
Lost-time claim
In workers’ compensation cases, this is a claim filed for the time lost from work as a result of an industrial injury or occupational illness.
low complexity (LC)
Phrase used to describe a type of medical decision-making when a patient is seen for an evaluation and management (E/M) service. Medical record documentation must consist of a limited number of diagnoses or management options, a limited amount of data or complexity of data reviewed, and a low risk of complications and/or morbidity or mortality.
Low cost endowment
A combination of with-profit endowment and decreasing term insurance introduced as a part of house purchase schemes.
Low severity presenting problem
Medical problem in which the risk of morbidity without treatment is low and there is little or no risk of mortality without treatment. Usually full recovery without functional impairment is expected.
Low start endowment insurance
Variation of low cost endowment under which the premiums in the early years are low on the understanding that later premiums will be at higher than normal level to compensate for the early years reduction. The aim is to assist a person with a limited income but who has prospects of good future salary increases. The sum insured and bonuses are not affected by the low early premiums.
low utilization payment adjustment (LUPA)
In the home health prospective payment system, an episode of four or fewer visits is paid using the national standardized per visit rates instead of the home health resource group (HHRG).
Lower earnings limit
Minimum a person must earn in any pay period before they have to pay national insurance. Reviewed annually.
Lowering of ground water
A ‘nuisance’ peril that may create liability for third party property damage. Construction industry firms face this risk, which can also cause damage to the contract works and the insured’s own property. Insurance can be arranged under JCT clause 21(2)(1) ‘non-negligent’ cover. Ground water is water occupying the pores and crevices of rock and soil as opposed to surface water. Where the work of the contractor lowers the ground water the stability of buildings may be undermined leading to a nuisance.
Loyalty Channel of Insurance Distribution/Marketing
One of the recent distribution approaches focused towards a particular segment of customers. To manage orphan clients that is customers who were sourced by the distributors who have since existed is one of the issue that insurers are attempting to fix. Loyalty channel is more of a customer relationship management approach to offering service and exploring opportunities for repeat business to the existing orphan customers. This channel usually a part of the Direct Sales Channel of an insurance company focuses on sourcing repeat business from orphan customers.