Glossary

A loss reserve is an estimate of the value of a claim or group of claims not yet paid.

Loss reserve stability refers to an actuary's ability to predict future loss reserves based on a specific set of circumstances.

A loss run refers to periodic reports of claim information provided by insurance companies to their insureds.

An insurance rating plan for which the final premium is dependent on the actual losses during the period the plan is in effect.

Loss trending is the adjusting of historical losses to account for inflationary trends so that their value is in current dollar amounts.

A loss triangle is a table of loss experience showing total losses for a certain period at various, regular valuation dates, reflecting the change in amounts as claims mature.

A lost policy release is a statement signed by the named insured releasing the insurer from all liability under a lost or mislaid contract of insurance in cases in which the insured wishes to cancel the policy.

A lost time accident is a workplace incident that produces an injury that results in an employee missing time on the job beyond the date of injury.

The lowest achievable emission rate, under the Clean Air Act, is the rate of emissions that reflects the most stringent emission limitation in the implementation plan of any state for such source unless the owner or operator demonstrates such limitations are not achievable; or the most stringent emissions limitation achieved in practice, whichever is more stringent.

A low speed vehicle (LSV) is a four-wheeled motor vehicle, other than a truck type, having a top speed of more than 20 miles per hour but not more than 25 miles per hour on paved surfaces.