Glossary

Larceny
It is a crime involving the unlawful taking of the personal property of another person or business

Legal Liability
Any Liability imposed on a person by a court of law

Liability
Damages payable for acts of omission, commission or negligence

Loss Adjustment Expense
Expenses incurred in the process of evaluating, befending and paying claims

Loss Avoidance
A risk management technique whereby an activity that may result in the loss for a firm is avoided or abandoned.

Loss control
Any conscious action (or decision not to act) intended to reduce the frequency, severity, of Accidental losses.