A facility where nursing or custodial care is provided on a long-term basis. This type of facility is usually licensed by the state.
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Long term care insurance
Health insurance that pays out a daily benefit upon the insured becoming a resident in a nursing home.
Long Term Disability
A generally accepted period of time of more than two years – can vary according to company standards.
Long term disability (Health Insurance)
A disability condition that persists over a long period of time.
Long term disability insurance (Health Insurance)
A policy that covers a longer period, usually until the insured turns 65.
Long Term Insurance
(1) Insurance forming part of a long-term business (2) In Fire Insurance a contract that is expressed at the outset as being for a term of two or more years. (iii) In Engineering Project Insurance a contract that is expressed at the outset as being for a term of two or more years.
Long Term Policies for Fire Insurance
Policies for a period exceeding 12 months can be issued for “Dwellings.”
Long-form reinstatement application
Insurance reinstatement application form for a policy that is no longer in force. The applicant must complete a long-term health history.
Long-stay hospital
Facility with patients who have an average length of stay of at least 30 days.
Long-tail liability
Liability for an injury, e.g. asbestosis, that takes many years before it is discovered and reported as a claim. As most policies are written on a losses-occurring basis it is necessary to trace the insurer on risk at the time of occurrence. Gradual pollution is also a cause of long-tail liability. See LIABILITY SEQUENCE; OCCURRENCE THEORIES.