Lapse: The termination of an insurance policy due to non-payment of premium.
Lapse Notice: The notice provided in writing to the policy owner that....
Length of Coverage - The length of time you will be covered by an insurance policy. Length of coverage is...
Level Premium: A premium that remains the same throughout the period specified in the insurance policy. (more)
Life Expectancy: The average number of years of life remaining for persons of a given age according to a particular mortality table.
Life Insurance: Coverage placed on the life of an individual whereas an insurance company issues a policy and pays a stated death benefit in the event of the insured's death.
Living Benefit: A benefit that provides for the payment of a portion of the death benefit prior to an insured's death should the insured be diagnosed as terminally ill. The specific requirements vary by company. This is commonly called an Accelerated Death Benefit.
Lump Sum: The primary method of the settlement of a life insurance policy. The policy proceeds are paid to the beneficiary(s) all at once rather than in installment payments.