A hidden or concealed defect which could not be discovered by reasonable and customary inspection.
Law of Agency
A body of common law that govern the right s and responsibilities that arise when one entity represents another.
Law Of Agency
One who has permitted or directed another to act for his benefit and subject to his direction and control.
Law Of Large Numbers
Premise on which insurance is built, that being that the degree of uncertainty is reduced as the number of events increases. A basis for predicting losses likely to occur in large group of similar risks.
Lay-up Endorsement
Used in aircraft and marine insurance. Allows for refund of a portion of a portion of the premium when aircraft/vessel is not used for extended period of time.
Layer Rating
Method of establishing policy premium by assigning rates to various layers of coverage, according to the probability of loss in each layer.