L'Hopital's rule can be used to evaluate limits of indeterminate forms, such as 0/0, ∞/∞, and ∞*0. It states that if the limit of the numerator and denominator are both 0 (or ∞), the limit can be evaluated by taking the derivative of the numerator and denominator and evaluating the limit of their quotient. The rule effectively passes the calculation to the derivatives. Several examples are provided to demonstrate applying L'Hopital's rule to evaluate limits of various indeterminate forms.