An organization comprised of life insurers. This organization allows for the exchange of information on management and management issues between these insurers.
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Life of another policy
A life policy taken out by one person on the life of another in whom he has an insurable interest at inception.
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An Insurance Policy taken out on the life of someone else.
Life paid up at age (Life Insurance)
Life insurance that covers the insured for his or her lifetime, but stops payment of premiums at a given age to pay up the policy.
Life underwriter (Life Insurance)
A risk appraiser or life insurance agent.
Life underwriters
See: agent .
Life, accident, sickness and unemployment insurance (LASU)
Creditor insurance under which a death benefit is added to protection against loss of income following accident, sickness and unemployment.
Lifetime Disability Benefit
US: A benefit to help replace income lost by an insured person as long as he/she is totally disabled, even for a lifetime. Disability income payable for the life of the insured as long as he is totally disabled.
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A payment to help replace income lost by an insured person for as long as he is totally disabled, even for lifetime.
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MEDICAL,USA: Insurance contract terms that provide for payment of disability income for an insured’s lifetime as long as he or she is totally disabled.
lifetime limit
Maximum amount of insurance benefits payable under an insurance policy.
Lifetime maximum
See: lifetime maximum benefit .
lifetime maximum benefit
Largest dollar amount that an insurance company will pay for an insured’s claims in a lifetime and/or the greatest dollar amount paid for all illnesses and injuries for each insured as long as the certificate is in effect. Also called total certificate membership benefit maximum and lifetime maximum .