Lloyds
Lloyd’s of London, generally known as Lloyd’s, is not an insurance company in the traditional sense and it’s an insurance marketplace, or a “society of members,” where various syndicates come together to underwrite insurance risks.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Long Term Care Insurance
Long-term care insurance is designed to help cover the costs of long-term care services, which can include assistance with daily activities (like bathing, dressing, and eating), supervision due to cognitive impairment, and care in various settings.
Loss Adjuster
A loss adjuster, also known as a claims adjuster or insurance adjuster, is a professional who investigates insurance claims to determine the extent of the insurer’s liability.
Loss Adjustment Expenses Ratio
The Loss Adjustment Expenses Ratio (LAER) is a measure of how efficiently an insurance company is handling its claims.
Loss Payee
A loss payee is a person or entity that is named in an insurance policy to receive payment for a covered loss.
Loss Ratio
The loss ratio is a key metric used to assess the financial performance of an insurance company.
Machinery Breakdown Insurance
Machinery breakdown insurance, also known as equipment breakdown insurance or boiler and machinery insurance, is a type of insurance that provides protection for businesses against damage to their equipment and machinery.
Major Medical Insurance
Major medical insurance is a type of health insurance that provides comprehensive coverage for a wide range of medical expenses, including hospitalization, surgery, physician visits, prescription drugs, and preventive care.
Managed Care
Managed care is a type of health insurance plan that creates a network of healthcare providers to offer services to its members at a lower cost.
Managing General Agent
A Managing General Agent (MGA) is a specialized type of insurance agent or broker that has been granted underwriting authority by an insurer.
Marine Cargo Insurance
Marine cargo insurance is a type of marine insurance that provides coverage for loss or damage to goods while they are in transit.
Marine Hull Insurance
A type of insurance that covers damage to a vessel’s hull, machinery, and equipment.