An agent who can only deal in a certain form of insurance, for example, travel insurance. In certain states, this type of agent does not have to meet education and licensing requirements.
Tag: RAW
Limited binding authority
A binding authority that does not permit the coverholder to underwrite risks on behalf of a Lloyd’s syndicate without prior agreement or confirmation by the syndicate.
Limited common element
A portion of the common elements of a condominium association that is restricted to the use of one or several unit owners. Normally such elements become the maintenance responsibility of the unit owner and may become the owner’s insurance responsibility too.
Limited conditions reinsurance (LCR)
Reinsurance where the cover provided is more limited than cover under the primary policy. Example: a hull is insured ‘named perils’ including partial loss under the primary policy but reinsured ‘total loss only’. LCR safeguards the reinsured’s treaty programme from a major loss by redirecting the total loss claim to LCR, normally arranged facultatively.
Limited coverage policy
Type of medical insurance policy that covers only medical expenses caused by a specific disease that is named in the policy. Also called dread disease policy .
Limited health insurance
Health insurance that only covers certain illnesses or injuries as specified in the contract.
limited liability company (LLC)
Hybrid form of business that combines the elements of partnerships and corporations. The owners are called members and receive protection from individual liability for company debts. For tax purposes, it is considered a partnership. Gains and losses are claimed by members on their own income tax returns.
Limited license
Kind of state license in which the type and number of services are less than for a full license to practice medicine. It is often limited to certain services within a specialty.
limited license practitioner (LLP)
Professional individual state licensed to provide specific health care services in private practice dependent on his or her specific scope of training such as chiropractors, dentists, optometrists, podiatrists, psychologists, and social workers. Also called limited practitioner .
Limited Market
Term used to describe the situation where only a few insurers are willing to accept insurance of a particular type.