Glossary

Long-term care (LTC) refers to care and service required by an individual on a continuing basis because they can no longer perform some or all the activities of daily living.

Long-term care insurance (LTCI) is a form of health insurance that provides benefits for a chronically ill or disabled individual over an extended period of time.

Long-term disability (LTD) income insurance replaces earnings lost due to illness or disability occurring on or off the job.

In certain captive domiciles, long-term insurance refers to long-duration contracts such as life insurance.

In longevity swaps, which have been around for a long time, the pension fund buys protection against the risk of beneficiaries living too long (and the fund having to pay out more than expected) in the form of a commitment to exchange payments throughout the term of the swap.

The Longshore and Harbor Workers' Compensation Act of 1927 (LHWCA) is a federal law that provides no-fault workers compensation benefits to employees other than masters or crew members of a vessel injured in maritime employment—generally, in loading, unloading, repairing, or building a vessel.

Lookback windows are windows of time in which victims of sexual abuse may sue for damages regardless of how long ago the alleged abuse took place and are established by state law.

A loss is the basis of a claim for damages under the terms of a policy.

Losses incurred are the total amount of losses sustained during a given time period that are paid and unpaid but reserved.

Losses in excess of policy limits is an expression used in reinsurance agreements that refers to damages awarded by a court against an insurer in favor of the insured, due to the insurer's having failed to settle a third-party claim against the insured within the policy limits by reason of bad faith, fraud, or gross negligence.