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
Tag: RAW
Lighter
An open or covered barge equipped with a crane and towed by a tugboat. Used mostly in harbors and inland waterways.
Lighter age
The cost of loading or unloading a vessel by means of barges alongside.
Lighting up
Phrase used in workers’ compensation cases that describes an aggravation of a preexisting or underlying condition. This occurrence causes a temporary or permanent increase in disability that may require new medical treatment or a change in the existing treatment.
Lightning
An insured peril added to a standard fire policy to cover damage by lightning. It is independent of the fire peril. No ignition is necessary.
Lightning Clause
A clause covering Direct damage caused by lightning.
Like kind and quality
Refers to replacement of damaged, destroyed or lost property with used property of similar type and condition.
Limit
MEDICAL,USA: 1. Maximum amount of insurance benefits payable under an insurance or managed care contract. 2. Restriction or denial of insurance coverage to certain age groups.
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expressed either on a per occurrence basis (e.g., per accident or event) or on an aggregate basis (e.g., all losses under a single policy, or for all policies during an underwriting period).
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Maximum amount a policy will pay either overall or under a particular coverage.
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Maximum amount for which an Insurer may be liable for any loss, as set forth in the Policy.
Limit of indemnity
Another term for policy limit. It refers to the maximum amount payable under a policy of insurance or reinsurance, either overall or with reference to a particular section of a policy.
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The maximum sum payable under a contract of indemnity. It may be expressed as “per accident”, “per event”, “per occurrence,” or “per annum.”
Limit of indemnity/liability
The maximum sum an insured may collect, or for which an insured is protected, under the policy. It is a ‘sum insured’ under property insurances but a ‘limit of indemnity’ under liability policies. The liability limit may be: per policy, per event, per occurrence, per year, per ‘originating cause’ or, by way of sub-limit, per specified type of loss. See COSTS INCLUSIVE INDEMNITY; COMBINED SINGLE LIMIT.