Rick Debe Insurance Agency - DBI Insurance Services
(262) 363-8650
Office Hours: M - Th 8:30 - 5:30 Friday 8:30 - 3:00

We've listed all the relevant insurance terminology we could think of...and then some!  If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!


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L-Share Variable Annuities

A form of variable annuity contract usually with short surrender periods and higher mortality and expense risk charges.


A technique that consists of staggering the maturity dates and the mix of different types of bonds.

Lapsed Policy

A policy terminated at the end of the grace period because of nonpayment of premiums and no value to be loaned against to cover the due premium.


Individual responsibility for causing, through negligence, injury to another person or damage to another person's property.

Liability Insurance 

Insurance covering the policyholder's legal liability for injuries to another person or damages to another person's property for which the insured is legally liable.

Licensed Health Care Practitioner 

Any physician, registered nurse, licensed or certified social worker, or any other individual who meets such requirements as may be prescribed by the Secretary of the Treasury.

Lifetime Benefit Maximum

The total amount an insurance company will pay for health care services over your lifetime. If the cost of the benefits you receive since enrolling in a plan exceeds this amount, your coverage ends and no additional services will be covered.

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Like Kind and Quality Parts

Refers to the use of replacement parts, which are of the same kind and quality as the original parts.

Limited Service Health Organizations

A health care plan that makes available to its enrollees a limited range of health care services, such as dental or eye care, performed by providers selected by the organization.

Limiting Charge

The maximum a physician who does not accept assignment may legally charge for a Medicare-covered service.


Maximum amount of insurance that can be paid for a covered loss.


Enables the state insurance department as liquidator or its appointed deputy to wind up the insurance company's affairs by selling its assets and settling claims upon those assets.

Liquor Liability

Coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.


A contractual provision by which members, except in cases of unforeseen out-of-area urgently needed care or emergency care, are required to receive all their care from the managed care plan's network or health care providers.

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Long-Term Care Insurance

Long-term care (LTC) insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance, or require supervision due to a cognitive impairment.


A reduction in the quality or value of a property, or a legal liability.

Lost Adjustment Expenses

The sum insurers pay for investigating and settling insurance claims, including the cost of defending a lawsuit in court.

Loss Costs

It's the portion of an insurance rate used to cover claims and the costs of adjusting claims.

Loss of Use

A provision in homeowners and renters insurance policies that reimburses policyholders for any extra living expenses due to having to live elsewhere while their home is being restored following a disaster.

Loss Reserves

The company's best estimate of what it will pay for claims, which is periodically readjusted.

Loss Settlement Provision

Section of the insurance policy that specifies how insured losses will be settled or adjusted.

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