was made a condition of all insurance by the Life Assurance Act 1774. Without an insurable interest, an insured person is unable to enforce an insurance contract (or life-assurance contract) as it is the insurable interest that distinguishes insurance from a bet or wager. A marine insurance policy requires that the insurable interest must exist at the time of the loss. Other general forms of insurance require that the insurable interest exists both at the time of contracting and at the time of loss.

• long-dated gilt
• long-funded
• long hedging
• long position
• longs
• long-term bond
• long-term contract
• long-term debt
• long-term equity anticipation securities
• long-term liability
• long-term prime rate
• long-term rate risk
• lookback option
• loss adjuster
• loss assessor
• loss-of-profits policy
• loss ratio
• loss reliefs
• lot
• loti
• lottery
• lower of cost or market
• lower rate of income tax
• loyalty bonus
• LRR