A generally accepted period of time of more than two years – can vary according to company standards.
Insurance Encyclopedia
Long term disability (Health Insurance)
A disability condition that persists over a long period of time.
Long term disability insurance (Health Insurance)
A policy that covers a longer period, usually until the insured turns 65.
Long Term Insurance
(1) Insurance forming part of a long-term business (2) In Fire Insurance a contract that is expressed at the outset as being for a term of two or more years. (iii) In Engineering Project Insurance a contract that is expressed at the outset as being for a term of two or more years.
Long Term Policies for Fire Insurance
Policies for a period exceeding 12 months can be issued for “Dwellings.”
Long-form reinstatement application
Insurance reinstatement application form for a policy that is no longer in force. The applicant must complete a long-term health history.
Long-stay hospital
Facility with patients who have an average length of stay of at least 30 days.
Long-tail liability
Liability for an injury, e.g. asbestosis, that takes many years before it is discovered and reported as a claim. As most policies are written on a losses-occurring basis it is necessary to trace the insurer on risk at the time of occurrence. Gradual pollution is also a cause of long-tail liability. See LIABILITY SEQUENCE; OCCURRENCE THEORIES.
Long-tailed business
Types of insurance in which a substantial weight of claims take several years to be notified and/or settled from the date of exposure and/or occurrence.
long-term acute care (LTAC)
Medical facilities that provide patients with acute care for extended inpatient stays (defined by federal statute as an average of 25 days or more). The health care objective is stabilization of physical condition, medical recovery, and return to home.