Take, for example, the word "thanks." If your best friend gave you a card for your birthday, you'd most likely say "thanks." However, if a complete stranger volunteered to donate a kidney so that you could live properly without a dialysis machine and did not expect any remuneration, "thanks" would be quite inappropriate.
Loive is similarly oriented with "like" and "love." When a relationship has progressed beyond merely "like," yet has not reached the comfortably stable level of "love," "loive" serves as a safe and appropriate alternative. Many people are hesitant to use "love" in a casual setting, simply because it has so many deep and serious connotations. True, someone may say "I love you," but he/she may only mean "I care about you quite a bit." However, a married couple may say "I love you" and mean, "I am eternally bonded with you, and am willing to give my life so that you may live. I am prepared to spend the rest of my life at your side, and I hope you are, too."
Given these widely differing connotations, the use of the word "loive" is quite necessary to avoid unflattering misconceptions.
NOTE: "Loive" is pronounced "loy-vuh," with the "vuh" just like the "v" in "love." Simply replace the "lo" with a "loy" and you're set.