See: limited license practitioner (LLP) .
Tag: RAW
Limited premium life policy
A life policy under which the premium is payable for a limited period only and not the full duration of the policy term; e.g., a whole life policy may be written with premiums terminating at age 65 while the policy remains in force.
Limited Price Indexation (LPI)
See: INDEXATION.
Limited Risk Reinsurance
See: Financial Reinsurance, Finite Reinsurance, Nontraditional Reinsurance, Structured Reinsurance.
Limited Terms
F.P.A., T.L.O., or any other conditions that indicate cover excluding partial loss,
Limited Theft Coverage Endorsement
May be attached to a Dwelling Policy to provide theft coverage for a named insured who is not an owner occupant.
Limited theft coverage endorsement (Property Insurance)
A form that protects occupants of a home who are not the owners against theft.
Limiting charge
Maximum amount a nonparticipating physician may legally charge a Medicare patient for services billed on nonassigned insurance claims. In the original Medicare plan, it is usually the highest amount of money a beneficiary can be charged for a covered service by doctors and other health care suppliers who do not accept assignment. The limiting charge is 15% over Medicare’s approved amount. The limiting charge only applies to certain services and does not apply to supplies or equipment. This was previously called a maximum allowable actual charge (MAAC) . Also referred to as billing limit or limiting fee charge .
Limiting fee charge
See: limiting charge .
Limits
(i) The maximum amount of benefits payable for a given situation or occurrence e.g., a limit of Rs. 5,00,000 on contents of a home or a Rs. 10,00,000 per accident limit for property damage liability policy. (ii) Ages limits below or above which the insurer will not issue a policy or above which it will not continue a policy presently in force.
***
REINSURANCE: The maximum amounts of interest insured. The word can be used to describe a cedant’s retention, a cedant’s gross capacity or the maximum amount which may be reinsured under a reinsurance contract.
***
The maximum benefit that will be paid out as a result of a loss. This term can also refer to the age at which an insurer will not issue a policy or will no longer continue a policy.