Lapsed policy
A policy terminated at the end of the grace period because of nonpayment of premiums and no value to be loaned against to cover the due premium.
Liability
Individual responsibility for causing, through negligence, injury to another person or damage to another person's property.
Liability insurance
Insurance covering the policyholder's legal liability for injuries to another person or damages to another person's property for which the insured is legally liable.
Licensed health care practitioner
Any physician, registered nurse, licensed or certified social worker, or any other individual who meets such requirements as may be prescribed by the Secretary of the Treasury.
Lifetime benefit maximum
The total amount an insurance company will pay for health care services over your lifetime. If the cost of the benefits you receive since enrolling in a plan exceeds this amount, your coverage ends and no additional services will be covered.
Like kind and quality parts
Refers to the use of replacement parts which are of the same kind and quality as the original parts.
Limited Service Health Organizations (LSHO)
A health care plan that makes available to its enrollees a limited range of health care services, such as dental or eye care, performed by providers selected by the organization.
Limiting charge
The maximum a physician who does not accept assignment may legally charge for a Medicare-covered service.
Lock-in
A contractual provision by which members, except in cases of unforeseen out-of-area urgently needed care or emergency care, are required to receive all their care from the managed care plan's network or health care providers.
Loss settlement provision
Section of the insurance policy that specifies how insured losses will be settled or adjusted.

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