Loss

The amount of financial damage or injury suffered by the insured that may be covered under an insurance policy.

Long-term Care

Services that help individuals with chronic illnesses or disabilities perform everyday activities, often not covered by regular health insurance.

Loan Value

The amount of money a policyholder can borrow against the cash value of a permanent life insurance policy.

Liability

Legal responsibility for injury or damage to another person or their property. Liability insurance helps cover associated costs.

Lapse

The termination of an insurance policy due to non-payment of premiums.