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An extra charge to a standard premium reflecting the additional risk being taken on by the insurer. E.g., a motorist with a number of penalty points, may find their motor premium is loaded.
Loss Adjuster
A professional who is appointed to investigate the circumstances of a claim under an insurance policy and to advise on the amount that is payable to the policyholder in order to settle that claim. Loss adjusters are generally appointed by underwriters.
Loss Assessor
An expert in dealing with property insurance claims, appointed by the insured to prepare and negotiate a claim on their behalf with the insurer.
Liability
Being legally responsible for something, for example an accident or an injury to a third party.
Lifetime Community Rating
The older a person is when they take out private health insurance, the higher the premium they will pay; however, the premium may not subsequently be increased to reflect the person’s advancing age.
Lifetime Cover
The requirement that, once an individual has been put on health insurance cover, the insurer may not cancel or refuse to renew such cover, irrespective of that individual’s claims history.
Limit
The insurer’s maximum liability under an insurance, which may be expressed ‘per accident’, ‘per event’, ‘per occurrence’, ‘per annum’, for example.