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Lost Policy Release (LPR)


A Lost Policy Release (LPR) is a legal document that provides evidence of the cancellation of an insurance policy when the original policy document can’t be located or has been lost. It is used to free both parties from the obligations of the lost policy. This document must be signed by the policyholder and often needs to be notarized.


The phonetic pronunciation of the keyword “Lost Policy Release (LPR)” is:Lost – /lɔːst/Policy – /ˈpɒlɪsi/Release – /rɪˈliːs/LPR – /ˌelˈpiːˈɑːr/The above is in International Phonetic Alphabet (IPA) format.Please note that pronunciation can vary based on accent and location.

Key Takeaways

  1. Lost Policy Release (LPR) is a type of legal document that is required when an insurance policyholder loses an original policy document and needs a replacement.
  2. The LPR serves as an agreement between the policyholder and the insurer, where the policyholder releases the insurer from any obligations associated with the original lost policy document.
  3. It is essential to handle LPR documents meticulously, as any mistake or discrepancy can cause legal complications. They safeguard the insurance company from any duplicated claim since the original policy is assumed to be lost or destroyed.


The Lost Policy Release (LPR) is a business/finance term of significant importance because it helps protect the interests of both the insurance company and the policyholder. This is primarily used when a life insurance policy is being surrendered or cancelled and the original document cannot be found or submitted. In such cases, the insured person/ policyholder fills out a LPR – which basically serves as a legal statement affirming that the policy has been lost and that the holder will not use it maliciously if found in the future. This simplifies the process of cancellation or surrender, ensures smooth financial transactions, and prevents potential misuse, thus maintaining transparency and integrity in business activities. It’s an essential component in the efficient management of insurance operations.


Lost Policy Release (LPR) serves a crucial purpose in the realm of insurance policies. Essentially, it acts as an agreement that protects the interests of both the insurer and the insured in situations where the actual physical document of the existing insurance policy can’t be located or is missing. This situation typically arises during the cancellation of the policy where the return of the original document is required to nullify the agreement, but cannot be produced by the policyholder.In such circumstances, LPR certifies that the policy is no longer in effect and the insurer no longer bears any obligations towards any claim under that policy. Whilst the policyholder relinquishes all rights to any benefits, they might be entitled to a return premium adjustment. Here, the LPR operates as an essential safeguard, ensuring that cancelled policies cannot be revived or manipulated without mutual consent, consequently protecting all parties from legal or financial turmoil.


1. Insurance Policy Transfer: A homeowner decides to switch insurance companies after finding a better rate. The first insurance company would issue a Lost Policy Release (LPR) to confirm that their policy is no longer active and that they are free to go forward with the new policy from another company.2. Auto Insurance Change: A car owner decides to change their auto insurance due to customer service issues with their current insurer. The original insurer would provide an LPR to indicate that the original policy is void and the policyholder is free to take a new policy elsewhere. This would be especially applicable in situations where the original policy cannot be found or presented to the new insurer.3. Life Insurance Policy Closure: A policyholder decides to end their life insurance policy earlier than initially agreed. The life insurance company would then issue a Lost Policy Release to officially release their claim on the policy benefit. This can happen when policyholders choose to opt for a different insurance product or find a better rate with another insurer.

Frequently Asked Questions(FAQ)

What is a Lost Policy Release (LPR)?

A Lost Policy Release (LPR) is a formal document signed by the policy owner to indicate that the original policy has been lost and they require a duplicate copy. It also typically releases the insurance company of all liabilities linked to the original lost policy.

When would I need a Lost Policy Release?

An LPR is typically required when you lose your original insurance policy and need a duplicate copy issued by the insurance company. Without an LPR, the insurance company is often unable to issue a new policy document due to liability issues.

How can I obtain a Lost Policy Release?

You typically obtain an LPR from your insurance company. This usually involves contacting their customer service department and filling out specific paperwork to request the release.

Does filling out a Lost Policy Release mean my coverage changes?

No, filling out a Lost Policy Release does not affect the actual insurance coverage you have. The LPR is simply a document to replace the physical version of your previously lost policy.

Does the Lost Policy Release carry any fees?

The fees associated with an LPR depend on the insurance company’s policy. Some insurers may issue a duplicate copy of the policy for free while others might charge an administrative fee. It’s advisable to check with your insurance provider.

What do I do with the Lost Policy Release once I have filled it?

Once you’ve signed and dated the Lost Policy Release, return it to your insurance company as directed. They’ll use it for their records and proceed with issuing a replacement of the lost policy.

Can I complete an LPR online?

It depends on the insurance company. Many modern insurance companies may offer digital services such as the completion and submission of an LPR online, but it’s always best to consult with your specific insurer for their procedures.

Is the Lost Policy Release legally binding?

Yes, the LPR is a legally binding document. By signing it, you’re certifying truthfulness of the information and releasing the insurer from any claims related to the original (lost) policy. Remember, if you have any doubts or queries, always consult with your insurance company or legal advisor.

Related Finance Terms

  • Insurance Policy: A contract detailing the terms and conditions of an agreement between the insured person or company and the insurer.
  • Policyholder: The individual or entity that owns the insurance policy and pays the insurance premiums.
  • Insurance Premium: The amount of money an individual or business pays for an insurance policy.
  • Beneficiary: The person or entity that will receive the funds or benefits from the insurance policy.
  • Claims Management: The process of managing a claim from the initial report of the loss to the final settlement.

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