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Glossary of Insurance Terms

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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 the policy has lapsed.

Level Premium: A premium that remains the same throughout the period specified in the insurance policy.

Level Term Insurance: A type of term life insurance policy where the face value remains the same throughout the period specified in the insurance policy.

Lifetime Benefit: The total amount of medical dollars per insured that the insurance company would pay for covered expenses. A lifetime benefit of US$ 1,000,000 means the insurance company will pay their portion of all medical expenses for the life of the policy up to US$ 1,000,000.

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.

Life Insurance Trust: A type of life insurance policy where a trust company is named as the beneficiary and distributes the proceeds of the policy under the terms of the trust agreement.

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.

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