L

Lapsed Policy – A policy terminated for non-payment of premiums. The term is sometimes limited to a termination occurring before the policy has a cash or other surrender value.

Living Trust – A trust created while the creator of the trust is living. Also known as an inter vivos trust.

Long-Term Care – Assistance and care for persons with chronic, often deteriorating health conditions and those having difficulty with activities of daily living.

Long-Term Care Policy – Insurance policies that cover specified services for a specified period of time. Long-term care policies (and their prices) vary significantly. Covered services often include nursing care, home health care and services and custodial care.

Long-Term Disability Income Insurance – Insurance issued to an employer (group) or individual to provide a reasonable replacement of a portion of an employee’s earned income lost through serious and prolonged illness or injury during the normal work career. (See also Integration.)

Loss Ratio – The ratio of claims to premiums. It may be calculated in several different ways, using paid premiums or earned premiums, and using paid claims with or without changes in claim reserves and with or without changes in active life reserves.

Lump Sum Distribution – The distribution of the entire account balance from a defined contribution plan or value of an accrued benefit from a defined benefit plan

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