As per the actuarial guide I have called the CMP - from Acted - tailVaR is the expected loss in excess of the benchmark value L. I don't really get that, so I tried splitting the equation into: $tailVar(X) = $$\int_{-\infty}^{L} (L-x)f(x) dx$$ $. I've divided this equation up into $\int_{-\infty}^{L} L.f(x) dx - \int_{-\infty}^{L} x.f(x) dx = L.P(X<L) - E[X|X<L]$
What does $L.P(X<L)$ mean intuitively, or can someone just explain it through equation format for me?