Guaranteed Replacement Cost Coverage Insurance: A type of insurance policy that requires the insurer to renew the policy to an individual regardless of health changes. No changes may be made to an individual policyholder unless the same change is applied to all policyholders.

 

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Guaranteed Replacement Cost Coverage Insurance: A type of insurance policy that requires the insurer to renew the policy to an individual regardless of health changes. No changes may be made to an individual policyholder unless the same c . . . View Full Definition

Life Insurance Policy: The contract that sets out the terms of life insurance coverage.

Life Insurance In Force: The dollar amount of life insurance that a company has issued, measured as the sum of policy face values and dividends paid.

Life Insurance: Life insurance is a contract you sign with an insurance company, obligating it to pay a death benefit of a certain value to the beneficiaries you name. In most cases, the payment is made at . . . View Full Definition

Long-Term Care Insurance: Long-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term disability, or you are unable to live . . . View Full Definition

Long-Term Disability Insurance: Pays an insured a percentage of their monthly earnings if they become disabled.

Lower Cost Or Market (LCM): A basis for valuing certain assets at the lower of original cost or current market value.

Loss-Of-Income Insurance: Insurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption.

Life Cycle Costing: In property management, comparing one type of equipment to another based on both purchase cost and operating cost over its expected useful lifetime.

Liability Coverage: Insurance protection against injury and damage claims by third parties, available as option for car rentals.