Lapse in Coverage: When a policyholder neglects to pay his/her premium, this results in a break in continuous insurance coverage. During the time of nonpayment the vehicle is not covered. This time period is called a lapse in coverage.
Lease: Contract whereby the owner or user of property (the lessor) agrees to let another party (the leasee) use the property for a consideration (money or rent).
Leasehold Insurance: Insurance for the tenant of a property leased against the loss of value of the lease or of profit from a sub-lease through termination of the lease by fire or other peril insured against.
Liability: Under the law, liability is the legal responsibility for someone's negligent acts that have resulted in costs and damages. Broadly, any legally enforceable obligation.
Liability Coverage: Refers to coverage for bodily injury and property damage.
Liability Insurance: Insurance coverage designed to protect against claims alleging one's negligence or inappropriate action resulting in bodily injury or property damage.
Liability Limits: The sum or sums beyond which a liability insurance company does not protect the insured on a liability policy.
Lifetime Maximum: A cap on insurance benefits paid for the life of a health insurance policy.
Loss of Use: Coverage that pays for expenses such as accommodations or food while the home is undergoing repair.
The above information is for general informational purposes only and is not to be construed as a recommendation or advice in any way shape or form.