Long-term business assets by reference to which linked benefits are determined. These assets are separated from the other long-term business assets of the company.

The value of the rights conferred under a life policy or collective investment scheme by reference to the value of specific assets or fluctuations in an index of the value of such assets, e.g. unit trust holdings.

Linking together of a member’s pension benefit and period service in one scheme with the benefits the member earns in a new scheme. The previous benefits are transferred. The qualifying service in the two schemes is linked.

Investment schemes offered by life insurers in which premiums paid by the policyholders as investors are used partly to purchase life insurance and partly to purchase units in a unit trust or unitised fund. The proceeds or benefits payable will be the greater of the guaranteed sum insured or the value of the units accrued. See UNIT-LINKED LIFE INSURANCE.

Damages specified in a contract representing a genuine pre-estimate of compensation due for an anticipated breach of contract, (e.g. delay in completion). They are usually expressed in agreed sums per week. Liquidated damages are only levied when reasons for delay do not entitle the party concerned to an extension of time. Liability insurers specifically exclude any liability to pay liquidated damages or penalties.

The risk that an individual or business will be unable to meet its financial obligations from its cashflow. This may lead to an entity having to quickly convert assets into cash at considerable loss or becoming insolvent.

Lloyd’s corporate vehicle listed on the London Stock Exchange.

Insurance of livestock against death through accident or disease. Insurances usually relate to horses and cattle, but pigs and sheep can be covered. A fresh proposal is obtained each year. The main categories are: horses; hunters and polo ponies; foaling risks; bloodstock; cattle; transit and show risks; castration.
***
The class of agricultural insurance that is based on the provision of mortality cover for livestock due to named disease(s), and accidental injury. Insurance cover is normally restricted to adult animals and may be taken out on an individual animal or herd basis. Major Classes of insured livestock include dairy cattle, sheep, goats, pigs, camels, etc. Refer also “Cattle Insurance.”

Abbreviation for the Lloyd’s Sourcebook performing a similar function for Lloyd’s as IPRU (INS) does for insurance companies.
***
the FSA’s Lloyd’s manual, setting out rules for Lloyd’s and members of Lloyd’s.

London-based major insurance marketplace that originated from Edward Lloyd’s coffee house after the Great Fire of London in 1666. It became a meeting place for persons interested in shipping and marine insurance. Lloyd’s became incorporated by statute in 1871 and is now controlled by the Lloyd’s Act 1982 with oversight from the FSA. Lloyd’s provides facitities for its members who underwrite risks by participating with others in syndicates. The Society of Lloyd’s is directed by the Council of Lloyd’s with operational responsibility in the hands of the Lloyd’s Franchise Board. Business is transacted through accredited Lloyd’s brokers.