Category: L

Payment authorization clause. Covers insured payout to insured entities who are not the insured. Protects a mortgage lender, as an example.

Unrecoverable data missing from data processing or storage. that occurs between the last backup and the subsequent A disk crash, system crash, or some other such disaster typically occurs after the last backup and some processing time.

Entity receiving loss payout benefits, such as a mortgage borrower

Statement releasing the insurer from a lost or misplaced contract. Typically signed following the insurer’s replacement policy initiation.

When control is gained by buying the majority of stocks in a failing company.

Future claims reduction as a loss prevention method by the insurer’s staff person authorized to do this.

Lessening damage payout by hazard elimination or reduction. Insurer or outside organization inspect and engineer improvements.

The ability an insurance company has to cover its loss with premiums.

When insurance premuim goes up according to loss ratios.

Insurer’s estimated time-bound total unpaid claim liability as held money. Includes unreported claim events, committed unpaid rulings, and payouts committed yet not due.