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 .
Tag: RAW
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.
LIFFE Weather Futures
Standardised exchange-traded weather derivatives launched by LIFFE for companies seeking to manage weather risk. LIFFE’s contracts are written for London, Paris and Berlin creating a basis risk. The weather index is the monthly mean of daily average temperature not degree days. The instruments are traded freely and are therefore liquid as well as being transparent as live bids and offers can be seen and made in real time on LIFFE Connect.
Lift Insurance
The insurance of lifts against breakdown and accidental damage, coupled with third party liability.
Lift Irrigation Insurance
The insurance provides indemnity against damage caused to Lift Irrigation system which includes Intake Well, Delivery Chambers, Jack Well, Pump House, Water Storage Tank, Pipelines, Cables, Switches, Gears, Starters, Electric Motors of various capacities from 3 HP to 200 HP, Return and non-return valves. The risks covered are fire including riot, strike and malicious damage, flood, theft, earthquake, landslide, accidental damage to machinery and pipelines, bursting of pipelines and machinery breakdown cover for all machinery.
Lift policy
Covers breakdown but can be extended to cover sudden and unforeseen physical damage to the plant at the premises, temporarily elsewhere and in transit between the two. It also covers damage to own surrounding property resulting from fragmentation, damage to goods being lifted (excluding installed plant and machinery) and third party risks.
Lifting Operations and Lifting Equipment Regulations 1998 (LOLER)
Regulations relating, inter alia, to the initial installation of certain lifting equipment. The employer must then appoint a ‘competent person’ to inspect the lifting equipment at agreed intervals. The inspection is often performed by insurance companies. LOLER covers lifts, cranes, lifting and handling machinery in all workplaces. The provisions of PUWER 1998 apply to lifting equipment.
Lifts and hoists
The cover provided under a lift policy is applicable to items such as: electric or hydraulic passenger and goods lifts, manual goods lifts and service lifts, paternosters, motor vehicles lifting tables, and builders’, coal, coke, cupola hoists.
Light duty
Refers to assignment of job duties that are less physically or mentally stressful than those that an individual previously performed before a work injury. This inexact phrase should not be used in workers’ compensation reports.
Light Motor Vehicle (LMV) for Motor
A transport vehicle or omnibus, the gross vehicle weight (GVW) of either of which or a motor car or a tractor or road roller, the un-laden weight of which or a motor car or a tractor or road roller, the unladen weight of any of which does not exceed 7,500 kg (earlier it was 6,000 kg). Because of this, now the classification is as under: LMV Up to GVW 7,500 Kg, MVW GVW 7,500 kg to 12,000 kg, HGV GVW above 2,000 kg