Car Insurance Jargon

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

Lapse - The termination of an insurance policy due to non-payment of the premium.

Lapsed policy - A policy terminated for non-payment of the premium.

Legal expenses insurance - Some car insurance includes a provision that covers the costs of private legal action, for example disputes.

Lloyd's - The London-based insurance market organised into syndicates, which underwrite most types of policy. The name is taken from Edward Lloyd who owned the coffee shop in Tavern Street from where the market began in 1689.

Loading - The extent to which an individual is charged more than the "standard" or "average" rate for their insurance. In terms of car insurance, this can be due to a bad claims history, age and sometimes even gender.

Loss - Insurance people's term for being robbed, burgled, injured or in a car accident. A loss gives rise to a claim.

Loss adjuster - A loss adjuster is an independent third party who may be used by an insurance company to assess the value of a claim, particularly if there is a disagreement between the insurer and the insured.

Loss assessor - A loss assessor is a professional who can be employed by a claimant to value a loss and present the insurance company with a supporting case for this valuation. Loss assessors are most often encountered in respect of claims under home contents or buildings insurance and rarely in relation to motor cover.