Life and Disability Insurance | Glossary L

Glossary: L

LIFE AND DISABILITY INSURANCE :

Life and disability insurance promises the payment of an agreed sum of money on the death or disability of the insured within a specified period of time. Also known as life assurance and disability assurance. Bellwood Prestbury specialises in international life and disability insurance.

LIABILITY INSURANCE:

Insurance designed to protect the policyholder in the event of a claim by a third party alleging that negligence or inappropriate action has resulted in bodily injury or damage to property. Can cover a range of personal, professional and commercial risks.

LLOYD'S OF LONDON:

The world's main market in marine, aviation and unique risks. Lloyd's is organised into underwriting syndicates comprising Names (investors with unlimited liabilities) who are willing to underwrite most types of insurance. Can trace its origins to Edward Lloyd's Coffee House in late-17th century London, where the owner attracted merchants and ship-owners by posting the latest shipping information. In 1771 a group of Lloyd's customers agreed to form their own association and in 1774 moved into rooms at the Royal Exchange. In 1871 Lloyd's was incorporated by Parliament for the "promotion of marine insurance and the diffusion of shipping intelligence".

LLOYD'S REGISTER:

Lloyd's Register is an independent risk management organisation with more than 200 offices around the world. Founded in 1760 as the Register Society by customers of Edward Lloyd's coffee house in London, it first published the Register of Ships in 1764 to give underwriters and merchants an idea of the condition of the vessels they insured and chartered. Today, in addition to marine activities, it has operations covering management systems, land-based industries, railways, and oil and gas. Lloyd's Register is sometimes confused with other organisations that owe their origins to Lloyd's coffee house, including Lloyd's of London, the international insurance market.

LONDON STOCK EXCHANGE:

The UK's main marketplace for buying and selling shares in quoted companies, and one of the leading exchanges in Europe. Technically the International Stock Exchange of the United Kingdom and Ireland. Can trace its roots back to 1760, when 150 brokers expelled from the Royal Exchange for rowdiness formed a club at Jonathan's Coffee House to buy and sell shares. In 1773 members voted to change the name to the Stock Exchange, and in 1801 it became a regulated exchange.