Call Us 941-925-2529 ☰ ˟
Logo
Call Us 941-925-2529 to get your personalized insurance quote
  • Home
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Our Locations
    • Personal ProductsImage of right arrow
      • Auto and Homeowners Insurance
      • Automobile
      • Homeowners
      • Other Personal Insurance in Sarasota, Bradenton & Venice, FL
      • Life
      • Recreational Vehicle
      • Additional Insurance Services in Sarasota, Bradenton & Venice, FL
    • Commercial Products
    • Get a Quote
    • Our Carriers
  • Products
    • Auto and Homeowners Insurance
    • AutomobileImage of right arrow
      • Auto Liability Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Comprehensive Auto Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Auto Collision Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Uninsured/Underinsured Motorist Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Diminishing/Vanishing Deductible - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Accident Forgiveness - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Minor Violation Forgiveness - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Roadside Assistance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Specialty Auto Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • 24-Hour Customer Service - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Towing Services & Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Rental Reimbursement - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Personal Injury Protection (PIP) - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Mexican Auto Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Medical Payments Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
    • HomeownersImage of right arrow
      • Property Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Homeowners Liability - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Renters Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Condo Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Mobile Home Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Scheduled Property Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Landlords Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • In-Home Business Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Identity Theft Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Personal Umbrella Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
    • Other Personal InsuranceImage of right arrow
      • Data Backup Services - Sarasota FL & Venice FL - Bob Lindsay Agency
    • LifeImage of right arrow
      • Individual Life Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Group Life Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Long-Term Care Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Mortgage Protection Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Disability Income Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Second-to-Die Policy - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Key Person (Key Men) Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
    • Recreational VehicleImage of right arrow
      • Boat/Watercraft Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Motorcycle Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Motorhome Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • ATV Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
    • Additional Insurance ServicesImage of right arrow
      • Special Event & Wedding Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Other Services - Sarasota FL & Venice FL - Bob Lindsay Agency
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Alarm Contractors Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Insurance for Arborists - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Construction Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Consulting Firm Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Specialty Trade Contractors Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Craft Brewery Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Educational Facility Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Financial Institution Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Healthcare Facility Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Law Firm Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Healthcare Practice Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Life Science Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Limousine Services Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Maintenance Contractors Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Manufacturing Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Media & Advertising Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Orthotics & Prosthetics Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Pool & Spa Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Printers & Publishers Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Real Estate Businesses Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Retail Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Special Event & Wedding Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Security Guards Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Self-Storage Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Technology Services Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Tow Trucks Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Water Well Drillers Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
    • Coverage for Your BusinessImage of right arrow
      • Surety & Fidelity Bonds - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Business Owners Policy (BOP) - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Commercial Auto Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Commercial General Liability - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Commercial Property Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Commercial Umbrella Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Crime Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Fidelity Bonds - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Inland Marine Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Marine Insurance - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Professional Liability Coverage - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Surety Bonds - Sarasota FL & Venice FL - Bob Lindsay Agency
      • Workers Compensation - Sarasota FL & Venice FL - Bob Lindsay Agency
  • Get a Quote
  • Contact Us
  • Location & Hours
Home > Glossary > L

Insurance Glossary

Insurance terms and definitions from Bob Lindsay Insurance Agency dba Acentria Insurance.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Bob Lindsay Insurance Agency dba Acentria Insurance today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
L-SHARE VARIABLE ANNUITIES
A form of variable annuity contract usually with short surrender periods and higher mortality and expense risk charges.

LADDERING
A technique that consists of staggering the maturity dates and the mix of different types of bonds.

LAW OF LARGE NUMBERS
The theory of probability on which the business of insurance is based. Simply put, this mathematical premise says that the larger the group of units insured, such as sport-utility vehicles, the more accurate the predictions of loss will be.

LIABILITY INSURANCE
Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person

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

LINE
Type or kind of insurance, such as personal lines.

LIQUIDATION
Enables the state insurance department as liquidator or its appointed deputy to wind up the insurance company’s affairs by selling its assets and settling claims upon those assets. After receiving the liquidation order, the liquidator notifies insurance departments in other states and state guaranty funds of the liquidation proceedings. Such insurance company liquidations are not subject to the Federal Bankruptcy Code but to each state’s liquidation statutes.

LIQUIDITY
The ability and speed with which a security can be converted into cash.

LIQUOR LIABILITY
Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.

LLOYD'S OF LONDON
A marketplace where underwriting syndicates, or mini-insurers, gather to sell insurance policies and reinsurance. Each syndicate is managed by an underwriter who decides whether or not to accept the risk. The Lloyd’s market is a major player in the international reinsurance market as well as a primary market for marine insurance and large risks. Originally, Lloyd’s was a London coffee house in the 1600s patronized by shipowners who insured each other’s hulls and cargoes. As Lloyd’s developed, wealthy individuals, called “Names,” placed their personal assets behind insurance risks as a business venture. Increasingly since the 1990s, most of the capital comes from corporations.

LLOYDS
Corporation formed to market services of a group of underwriters. May issue insurance policies or provide insurance protection. Insurance is written by individual underwriters, with each assuming a part of every risk. Has no connection to Lloyd’s of London, and is found primarily in Texas.

LONG-TERM CARE INSURANCE
Long-term care (LTC) insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance, or require supervision due to a cognitive impairment such as Alzheimer’s disease. LTC is available as individual insurance or through an employer-sponsored or association plan.

LOSS
A reduction in the quality or value of a property, or a legal liability.

LOSS ADJUSTMENT EXPENSES
The sum insurers pay for investigating and settling insurance claims, including the cost of defending a lawsuit in court.

LOSS COSTS
The portion of an insurance rate used to cover claims and the costs of adjusting claims. Insurance companies typically determine their rates by estimating their future loss costs and adding a provision for expenses, profit, and contingencies.

LOSS OF USE
A provision in homeowners and renters insurance policies that reimburses policyholders for any extra living expenses due to having to live elsewhere while their home is being restored following a disaster.

LOSS RATIO
Percentage of each premium dollar an insurer spends on claims.

LOSS RESERVES
The company’s best estimate of what it will pay for claims, which is periodically readjusted. They represent a liability on the insurer’s balance sheet.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact us
941-925-2529 7142 Beneva Rd | Saraota, FL 34238
Quick Links
Home Our Products Customer Service Payment Options Report a Claim About Us Our Carriers Partners Blog Contact Us
Location
7142 Beneva Rd
Saraota, FL 34238
Phone: 941-925-2529
Fax: 941-925-2930



Facebook Icon LinkedIn Icon Google Icon


© Copyright. All rights reserved.
Powered by Insurance Website Builder