Lost Policy Release (LPR)

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Definition of 'Lost Policy Release (LPR)'

A lost policy release (LPR) is a document that allows an insurance company to release the policy benefits to the policyholder's beneficiary in the event that the policyholder has lost the policy. The LPR is typically signed by the policyholder and their beneficiary, and it must be notarized.

The LPR is important because it ensures that the beneficiary will be able to receive the policy benefits in the event that the policyholder dies or becomes incapacitated. Without the LPR, the insurance company may be reluctant to release the benefits, as they may be concerned about fraud.

The LPR is also important because it can help to speed up the process of receiving the policy benefits. If the policyholder has already signed the LPR, the beneficiary will not need to wait for the policyholder's death or incapacity before they can receive the benefits.

There are a few things to keep in mind when signing an LPR. First, it is important to read the document carefully and understand what it means. Second, it is important to make sure that the beneficiary is someone you trust. Third, it is important to keep the LPR in a safe place where it can be easily found if needed.

If you have any questions about lost policy releases, you should contact your insurance company.

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