diff --git a/libraries/stdlib/src/kotlin/util/Lazy.kt b/libraries/stdlib/src/kotlin/util/Lazy.kt
index 7cf7e34815e..48c3fa9afb3 100644
--- a/libraries/stdlib/src/kotlin/util/Lazy.kt
+++ b/libraries/stdlib/src/kotlin/util/Lazy.kt
@@ -5,12 +5,14 @@ import java.io.Serializable
 
 /**
  * Represents a value with lazy initialization.
+ *
+ * To create an instance of [Lazy] use the [lazy] function.
  */
 public interface Lazy<out T> {
     /** Gets the lazily initialized value of the current Lazy instance. */
     public val value: T
     /** Returns `true` if a value for this Lazy instance has been already initialized. */
-    public val valueCreated: Boolean
+    public fun isInitialized(): Boolean
 }
 
 /**
@@ -67,9 +69,9 @@ private class LazyImpl<out T>(initializer: () -> T) : Lazy<T>, Serializable {
             }
         }
 
-    override val valueCreated: Boolean get() = _value !== UNINITIALIZED_VALUE
+    override fun isInitialized(): Boolean = _value !== UNINITIALIZED_VALUE
 
-    override fun toString(): String = if (valueCreated) value.toString() else "Lazy value not initialized yet."
+    override fun toString(): String = if (isInitialized()) value.toString() else "Lazy value not initialized yet."
 
     private fun writeReplace(): Any = InitializedLazyImpl(value)
 }
@@ -88,16 +90,16 @@ private class UnsafeLazyImpl<out T>(initializer: () -> T) : Lazy<T>, Serializabl
             return _value as T
         }
 
-    override val valueCreated: Boolean get() = _value !== UNINITIALIZED_VALUE
+    override fun isInitialized(): Boolean = _value !== UNINITIALIZED_VALUE
 
-    override fun toString(): String = if (valueCreated) value.toString() else "Lazy value not initialized yet."
+    override fun toString(): String = if (isInitialized()) value.toString() else "Lazy value not initialized yet."
 
     private fun writeReplace(): Any = InitializedLazyImpl(value)
 }
 
 private class InitializedLazyImpl<out T>(override val value: T) : Lazy<T>, Serializable {
 
-    override val valueCreated: Boolean get() = true
+    override fun isInitialized(): Boolean = true
 
     override fun toString(): String = value.toString()
 
diff --git a/libraries/stdlib/src/kotlin/util/LazyJVM.kt b/libraries/stdlib/src/kotlin/util/LazyJVM.kt
index e49a5d299ec..88b4f74b29c 100644
--- a/libraries/stdlib/src/kotlin/util/LazyJVM.kt
+++ b/libraries/stdlib/src/kotlin/util/LazyJVM.kt
@@ -5,6 +5,8 @@ package kotlin
  * Initializes a new instance of the [Lazy] that uses the specified initialization function [initializer]
  * and the default thread-safety mode [LazyThreadSafetyMode.SYNCHRONIZED].
  *
+ * If the initialization of a value throws an exception, it will attempt to reinitialize the value at next access.
+ *
  * Note that the returned instance uses itself to synchronize on. Do not synchronize from external code on
  * the returned instance as it may cause accidental deadlock. Also this behavior can be changed in the future.
  */
@@ -14,6 +16,8 @@ public fun lazy<T>(initializer: () -> T): Lazy<T> = LazyImpl(initializer)
  * Initializes a new instance of the [Lazy] that uses the specified initialization function [initializer]
  * and thread-safety [mode].
  *
+ * If the initialization of a value throws an exception, it will attempt to reinitialize the value at next access.
+ *
  * Note that when the [LazyThreadSafetyMode.SYNCHRONIZED] mode is specified the returned instance uses itself
  * to synchronize on. Do not synchronize from external code on the returned instance as it may cause accidental deadlock.
  * Also this behavior can be changed in the future.
diff --git a/libraries/stdlib/test/utils/LazyJVMTest.kt b/libraries/stdlib/test/utils/LazyJVMTest.kt
index b5bde85cda0..4d89588937c 100644
--- a/libraries/stdlib/test/utils/LazyJVMTest.kt
+++ b/libraries/stdlib/test/utils/LazyJVMTest.kt
@@ -11,10 +11,10 @@ class LazyJVMTest {
     test fun lazyInitializationForcedOnSerialization() {
         for(mode in listOf(LazyThreadSafetyMode.SYNCHRONIZED, LazyThreadSafetyMode.NONE)) {
             val lazy = lazy(mode) { "initialized" }
-            assertFalse(lazy.valueCreated)
+            assertFalse(lazy.isInitialized())
             val lazy2 = serializeAndDeserialize(lazy)
-            assertTrue(lazy.valueCreated)
-            assertTrue(lazy2.valueCreated)
+            assertTrue(lazy.isInitialized())
+            assertTrue(lazy2.isInitialized())
             assertEquals(lazy.value, lazy2.value)
         }
     }
diff --git a/libraries/stdlib/test/utils/LazyTest.kt b/libraries/stdlib/test/utils/LazyTest.kt
index 8e17496ad9b..65943fbf916 100644
--- a/libraries/stdlib/test/utils/LazyTest.kt
+++ b/libraries/stdlib/test/utils/LazyTest.kt
@@ -22,12 +22,12 @@ class LazyTest {
         var callCount = 0
         val lazyInt = lazy { ++callCount }
 
-        assertFalse(lazyInt.valueCreated)
+        assertFalse(lazyInt.isInitialized())
         assertEquals(0, callCount)
 
         lazyInt.value
 
-        assertTrue(lazyInt.valueCreated)
+        assertTrue(lazyInt.isInitialized())
     }