L
Legal Expenses Insurance
Often referred to as uninsured loss recovery services for car insurance. Covers the cost of legal proceedings in circumstances defined in the policy.
Liability
This is the legal responsibility for causing loss to someone else by injuring him or her or damaging their property.
Lloyd's Members
Individuals on whose behalf Lloyd's policies are issued. They pledge all their personal wealth to pay losses. Corporate members were also introduced in 1994.
Lloyd's of London
An insurance market organised into syndicates, which underwrites most types of policy.
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This describes the extent to which an individual is charged more than the "average" for their insurance. This is common in personal insurance.
Loss Adjuster
A individual who is independent of an insurance company but engaged and paid by it, who checks that a claim is covered and negotiates with the policyholder the amount payable for a claim.
Loss Assessor
This is an individual acting on behalf of policyholders in assessing claims.
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