Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance Dictionary

LOGARITHMIC SCALE

Measure of unit increase or decrease that is actually a tenfold increase or decrease in the quantity measured. For example, a pH reading of 5 pH indicates 10 times the acidity of

LONDON STOCK EXCHANGE (LSE)

Located in London, England, this is an international stock exchange with a regional office in Hong Kong. Currently trading on the LSE are more than 400 international companies from more than 60

LONG TERM CARE FACILITY

Long-term basis for nursing or custodial care occurs at such a facility. Typically, this kind of facility is state-licensed.

LOOKBACK OPTION

When a buyer can review the price changes and take the highest profit point. Refer to fixed strike and floating strike look back options as well as options on the maximum or

LOSS DEVELOPMENT

Later-date amount reporting compared to the insured’s original estimated loss value.

LOWER CONTROL LIMIT

Control chart’s quality control bottom limit for data points below the control average line. Contrast to upper control limit.

LUNAR MONTH

Equal to 29.53 days. Two successive new moons define this period.

MACHINE INSTRUCTION

A program’s operation commands. Usually a compiled machine-native code. Also known as machine code. A computer, robot, or computer-driven machine recognizes these and executes them.

MADRID AGREEMENT

International agreement for a single application to World Intellectual Property Organization (WIPO) sufficing to register a mark in all member countries and register service and trade marks under it.

MAINTENANCE CAPACITY

Direct labor hours applied during a normal work-week are a quantitative measure of maintenance capability.

MAKE READY

To change from one job to another or a machine operation setup.

MANAGED CARE ORGANIZATION (MCO)

Prepaid medical plans to reduce cost by eliminating inefficiencies and aimed at increasing the quality of managed care by organized healthcare delivery through a US medical firm, such as an health maintenance

MANAGING CONTRACTOR

Entity contracted to administer and oversee a complete project, managing those who carry out different parts of the project, including several subcontractors .

MANTISSA

Written on the right of the decimal point, this is the fractional part of a decimal fraction. It is also a common logarithm’s decimal part.

MAP CLERK

Tracking an insurer’s exposure in a given area is this junior underwriter’s task. Tracking on maps property covered by policy number is how this is done.

MARGINAL EXTERNAL COST

Total incurred cost change of some households or businesses due to a unit change in other households’ or businesses’ consumption or output.

MARGINAL RATE OF SUBSTITUTION

Quantification; Measurement: while maintaining the same satisfaction level, how much of one commodity will a consumer give up to get one or more units of another commodity.

MARK TO MARKET

1. In Accounting, this is posting an asset as ‘marked’ or recorded at actual purchase / acquisition price or book value in the account books. 2. in Securities, this is a security’s

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