Lapse:
The termination of an insurance policy due to the failure to pay the premium
Lessee:
The person to whom a lease is granted
Lessor:
The person granting the lease
Liability:
The legal obligation to pay a monetary award for injury or damage caused by one's negligent or statutorily prohibited action
Lien:
An obligation that can be held by an individual who has an interest in a particular matter or property
Limit of Liability:
The most an insurance company agrees to pay in the case of loss
Loss:
The amount an insurance company pays for damages under the terms of a policy
Loss Payable Clause:
An insurance clause that authorizes loss payments to a person or entity having an insurable interest in the covered property
Loss Ratio:
Percentage of losses incurred against earned premiums
