LastPass Password stores the passwords in its own server, encrypting them first so that they can't be seen from any other place unless you give them the corresponding permissions. These permissions are granted using a single password, which will be the key to access all of the other ones.
Another advantage of LastPass Password is that it allows you to create high-security passwords that you won't have to remember, as they will automatically be entered in the right spot after you grant the correct permissions.
LastPass Password allows you to import all of the passwords stored in your browsers, so you don't have to reconfigure them when you start using the program.
LastPass Password is a very powerful password management tool that allows you to add another layer of security to the management of all of your accounts. It's important to remember that the LastPass Password service is not free.