Glossary
Lapse
An insurance policy will lapse if it's not paid for, and cover will be terminated, which means any claim made after the lapse would be declined.
Life assurance
This is another name for life insurance. It is a policy which will pay out a lump sum to designated beneficiaries upon the death of the policyholder. Group life insurance is when this policy is provided by an employer to many employees, as a benefit.
Life insurance
This insurance policy will pay out to your family if you were to die suddenly.
Limit of indemnity
This is the amount of finance which your policy will cover.
Loss adjuster
Someone from your insurance company who will assess the claim and help to get the business back on track.
Lump sum
A lump sum is a single large payment of money received from an insurance policy.