Health Insurance Terms L

LPRT
See Leading Producers Round Table.

Large Claim Pooling
A system designed to help stabilize premium fluctuations in smaller groups. Large claims (those over a stated amount) are charged to a pool contributed to by many small groups who belong and share in that pool. The smaller the group of groups, the lower the pooling level. Larger groups will have a larger pooling level.

Leading Producers Round Table (LPRT)
An organization of agents who qualify for membership annually or on a lifetime basis by producing certain high levels of Health Insurance premium volume in a year. It is sponsored by the International Association of Health Underwriters.

Legend Drug
A drug which has on its label "caution: federal law prohibits dispensing without a prescription."

Length of Stay (LOS)
The total number of days a participant stays in a facility such as a hospital.

Line Slip
A document (most commonly used at Lloyd's) which describes a risk to be insured. It is circulated by brokers, and underwriters subscribe to it by indicating what percentage of the risk they are willing to take.

Living Benefits Rider
A rider attached to a life insurance policy which provides LTC benefits or benefits for the terminally ill. The benefits provided are derived from the available life insurance benefits. (H)

Living Need Benefits
A combination of life insurance and long-term care insurance which allows life insurance benefits to generate long-term care benefits. Up to a certain percentage of the life insurance policy's death benefit may be used in advance to offset nursing home or medical expenses, reducing the face amount of the life policy.

Long Term Care (LTC)
Care which is provided for persons with chronic diseases or disabilities. The term includes a wide range of health and social services provided under the supervision of medical professionals.

Long Term Care Facility
Usually a state licensed facility which provides skilled nursing services, intermediate care and custodial care.

Long-Term Disability Insurance
A group or individual policy which provides coverage for longer than a short term, often until the insured reaches age 65 in the case of illness and for the remainder of his lifetime in the case of accident. See also Short-Term Disability Insurance.

Loss-Of-Income Benefits
Benefits paid for inability to work for remuneration because of disability resulting from accidental bodily injury or sickness. The loss of income may be real or presumptive.

Loss of Income Insurance
Insurance paying loss of income benefits.

Loss of Time Benefits
See Loss of Income Benefits.

Loss of Time Insurance
See Loss of Income Insurance.