Glossary

Litigation is the process of investigating and adjudicating the facts and law in a particular case or dispute.

A litigation hold may be issued to preserve all documentation related to a lawsuit or potential lawsuit in an effort to avoid spoliation of evidence.

Litigation management is the application of management principles to the litigation process and to an organization's use of outside lawyers.

Litigation risk insurance (LRI) is a line of coverage that works from the same premises as third-party litigation funding. LRI essentially estimates the outcome of litigation and monetizes it to reduce the level of uncertainty for the party insured. In the process, LRI reduces the impact of pending litigation on the insured's balance sheet.

Little Miller Acts are state versions of the federal Miller Act.

Livestock collision is a homeowners endorsement intended for "gentlemen farmers" with an incidental exposure to the death of farm animals.

Livestock coverage form is an inland marine policy that pays for a covered loss or damages to "livestock" on a named perils basis.

Living benefits are an option under some life insurance policies by which the insurer provides discounted policy proceeds (face amount, cash value, and dividends, if any) to a terminally ill insured.

A Lloyd's broker is a client representative sanctioned by the Council of Lloyd's to contact underwriters at Lloyd's and negotiate insurance with the underwriters on behalf of the representative's clients.

Lloyd's Central Fund is a fund to protect policyholders in case any underwriting member should be unable to meet their liabilities out of Syndicate Trust Funds, funds deposited at Lloyd's, reserves, and personal assets outside of Lloyd's.