Glossary of Terms Image Map

Glossary of Terms - L

Lapse

The expiration of a right or privilege when one party does not live up to its obligations during the time allowed.

Liabilities

A claim on the assets of a company or individual to satisfy a debt.

Liability insurance

Coverage for sums that an insured becomes legally obligated to pay because of bodily injuries and/or property damage or financial losses caused to other people.

Lien

A creditor's claim against assets to secure a debt. Liens may also be granted by courts to satisfy judgments.

Limitations

The maximum amount of insurance coverage that is available under a policy. Coverage limitations can often be increased for an additional premium.

Loss of Use

Part of a standard homeowners policy that covers financial losses (up to a certain limit) you suffer when your home is damaged and temporarily unfit to live in. These losses generally refer to living expenses (e.g., hotel, dining, telephone) that you must incur in order to maintain your usual standard of living until you move back into your house.

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