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Insurance Glossary L

Triangle

 

A B C D E F G H I J K M N O P Q R S T U V W X Y Z

 

Liability

Coverage for bodily injury or property damage caused by the insured. 

 
Limit

Maximum amount of insurance that can be paid for a loss. 

 
Limits of Insurance

The greatest amount of insurance a policy will provide; the amount beyond which the insurer is no longer required to pay.

 
Loss experience

What the loss history has been on a particular line or book of business. 

 
Loss exposure

A set of circumstances presenting the possibility of loss, whether or not the loss actually occurs. 

 

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