Dictionary

liability insurance: Covers the costs of damage or bodily injury causes by the negligence of the insured or for accidents occurring on the insured's property.

liquidity: An insurer's ability to convert assets into cash to pay claims quickly.

Lloyd's of London: A landmark insurance institution in London, England, where underwriters accept or reject risks.

long-term care insurance: Health coverage for long term custodial care, either in nursing homes or extended care units.

loss of use: A provision in some homeowner's and renter's insurance ensuring additional living expenses will be paid if the home cannot be lived in during repairs.

malpractice insurance: Liability insurance for lawyers, doctors, and other professionals against negligence suits.

managed care: Health insurance that has agreements with selected health providers for discounted health care services.

marine insurance: Insurance for goods in transit, and the vehicles that carry them. In spite of the name, marine insurance applies to transport on sea and land.

mediation: Attempt by a third party to resolve a conflict between two or more parties.

mortgage guarantee insurance: Also known as Private Mortgage Insurance insures a lender should a mortgage holder default on a loan.

named peril: Any peril or threat to property or person specifically covered in an insurance policy.

no-fault: Auto insurance designed to pay for minor accident losses as fast as possible. A no fault pays for accidents regardless of who was at fault, and usually limits the right to sue. There is often a limit on how much a person can claim from no fault insurance.

occupational disease: Diseases that occur in the insured person's occupation that increase the risk he or she will contract that disease.

options: A contract that allows the buying or selling of property at a specific date for a predetermined price.