Liability Coverage (auto) - Automobile liability coverage will apply if an insured person or business is responsible for hurting someone else or damaging someone else’s auto or other property as a result of an auto accident.
Limits, limits of insurance, limits of liability - Limits, also called limits of insurance, limits of liability, or policy limits, indicate in an application how much insurance is requested. Once the policy is issued, the limits in the policy set the maximum dollar amount the insurance company will pay. The purchased limit appears on the declarations page.
LKQ (like kind and quality) - This is another option for obtaining replacement parts for a damaged vehicle. On an older vehicle, there is a database available for locating salvaged parts of the same model and age as the damaged vehicle. These represent a virtual replacement for the damaged parts, are often available faster and offer a sizeable discount over new parts.
Loss Reserve - An insurance company’s best current estimate of the total dollar amount that will be paid in the future for an accident that has already occurred.
Loss payable clause - A clause in an insurance contract that states the loss payee will receive the proceeds paid out by the insurance company in the event of a loss.
Loss payee (lienholder) - The party that loaned money for the automobile, usually a bank or other financial institution. The lienholder must be shown on the declarations page in order to have legal standing in case of a loss to the vehicle.
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