| WORD | DESCRIPTION |
| Lapse | Termination of a policy upon the policy owner's failure to pay the premium within the grace period. |
| Last Birthday (l.b.d) | Age at last Birthday |
| Level term Insurance | Term coverage on which the face value and premium's remain unchanged from the date the policy comes into force to the date the policy expires. |
| Life Assured | Life Assured refers to the person whose life is being insured. |
| Life Expectancy | The average number of years remaining for a person of a given age to live as shown on the morality or annuity table used as a reference. |
| Life Insurance | An agreement that guarantees the payment of a stated amount of monetary benefits upon the death of the insured. |
| Limited Pay Policy | A type of whole life insurance designed to let the policy holder pay higher premiums over a specific period such as 10 or 20 years and then not pay any premium for the rest of his or her life. |
| Loyalty Additions | Additional benefits available to policyholders on certain policies. These are payable only on policies that are in full force. Rates are determined by the insurer on the basis of its performance. |
