GLOSSARY

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LOCKSET

A complete lock system including the basic locking mechanism and all the accessories, such as knobs, escutcheons, plates, etc.


LOSS ADJUSTER

Loss Adjusters have two major functions to perform: first, that of policy interpretation and quantifying when losses arise, and second, that of serving as a coordinating link between the insured and insurance company, and often with contractors.


LOSS ASSESSMENT

The process of collecting the necessary data to make an evaluation of a loss. This can include, but may not be limited to: interviews, site inspection, and physical and instrumental measurements.


LOSS OF USE

A type of insurance which covers the loss resulting from the inability to occupy or use a building or other property damaged by a covered peril.


LUMP SUM

The full value not broken down into a sum of its parts.