Lapse - The termination of an insurance policy due to non-payment
of the premium.
Lapsed policy - A policy terminated for non-payment of the
premium.
Legal expenses insurance - Some car insurance includes a
provision that covers the costs of private legal action, for example
disputes.
Lloyd's - The London-based insurance market organised into
syndicates, which underwrite most types of policy. The name is taken
from Edward Lloyd who owned the coffee shop in Tavern Street from
where the market began in 1689.
Loading - The extent to which an individual is charged more
than the "standard" or "average" rate for their insurance. In terms
of car insurance, this can be due to a bad claims history, age and
sometimes even gender.
Loss - Insurance people's term for being robbed, burgled,
injured or in a car accident. A loss gives rise to a claim.
Loss adjuster - A loss adjuster is an independent third
party who may be used by an insurance company to assess the value
of a claim, particularly if there is a disagreement between the
insurer and the insured.
Loss assessor - A loss assessor is a professional who can
be employed by a claimant to value a loss and present the insurance
company with a supporting case for this valuation. Loss assessors
are most often encountered in respect of claims under home contents
or buildings insurance and rarely in relation to motor cover.
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