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Lol is a term of slang used online as a form of expressing a laughing feeling.
Is a word used for laughing and joking, also it means "lots of love" so when one of your family members dies you have to say lol to show how much you love them :)
Person 2: lol
Person 3: what's funny?
Petson1: it's lol dude so you have to go along with it and laugh
Person 3: ok... Har Har Har Har Har