Lapse:The termination of an insurance policy due to nonpayment of premiums or, in the case of variable life and universal life insurance policies, the depletion of cash value below the amount needed to keep the policy in force. Under certain circumstances, coverage might continue under a settlement option.
Life Annuity:An annuity that pays a fixed income during the annuitant's lifetime. Payments cease at the annuitant's death, even if the annuity has not yet returned an amount equal to the premiums paid.
Lifetime Income with Period Certain:Income paid for the life of the annuitant, guaranteeing payment for a certain number of years if the annuitant does not survive. In the event the annuitant dies within the certain period, the beneficiary receives benefits for the remainder of the designated period.
Lifetime Maximum Benefit (or Maximum Lifetime Benefit):the maximum amount a health plan will pay in benefits to an insured individual during that individual's lifetime.
Limitations: a limit on the amount of benefits paid out for a particular covered expense, as disclosed on the Certificate of Insurance.
Living Expenses with Children at Home:Total monthly expenses while your children are living at home. This should include all monthly expenses except child care.
Living Expenses with Children Gone:Total monthly expenses after your children have left home. This should include all monthly expenses.
Loan:A sum granted by a life insurance company to the owner of a life insurance policy, secured by the policy's cash surrender value.
Loan (Outstanding):The total amount of policy loans, including both principal and interest accrued.
Long-Term Care Policy:Insurance policies that cover specified services for a specified period of time. Long-term care policies (and their prices) vary significantly. Covered services often include nursing care, home health care services, and custodial care.
Long-term Disability Insurance:Pays an insured a percentage of their monthly earnings if they become disabled.
LOS:LOS refers to the length of stay. It is a term used by insurance companies, case managers and/or employers to describe the amount of time an individual stays in a hospital or in-patient facility.