Lapse – This refers to the termination of an insurance contract due to the non-payment of premiums – usually exceeding three months – or by the insurer's decision not to invite renewal.
Legal Insurance - Insurance that covers the cost of any civil, labour or criminal cases in which you are involved.
Liability – This can broadly be defined as any legally enforceable obligation. The term is most commonly used in the financial sense, such as; the motorist skipped a red light, smashed into another car, and is therefore liable for the damages.
Limits - Related to health insurance in particular. If medical treatment is on-going, limits define how much an insurer is willing to pay for a treatment that is numerously repeated, such as chemotherapy.
Living Benefits – Also known as Accelerated Death Benefits. This refers to life insurance, in which the insured receives the proceeds of their life insurance policy before they die. There are certain circumstances which need to be met, of course, including terminal illness or requiring long-term care or confinement to a nursing home. It's important to check if your insurer offers this feature.
Lloyd's, or Lloyd's of London – You'll certainly hear the name of Lloyd's quite often when it comes to insurance. Lloyd's of London, based in England, is, essentially, a corporation of individual underwriters best known for insuring some of the strangest things in the industry. Celebrities insure their bodies. People who watch too much YouTube insure themselves from alien abduction. If you can think it, chances are, Lloyd's will insure it.
Long-Term Insurance – These are the types of insurance products that are governed by the Long-Term Insurance Act. Products include life insurance, disability cover or dread disease cover.
Loss Prevention – These are activities undertaken to prevent losses from occurring.
Loss Ratio – This is in reference to the ratio of claims to premiums.