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

Category: L

LIMIT ORDER INFORMATION SYSTEM

an electronic system that stores and displays information on limit orders and feeds the data to the specialist display book. Orders that are entered as good, until cancelled, remain in the system

LINE OF BUSINESS

Insurer’s categorization of the products and policies it sells, such as Homeowners, Health or Life.

LINER

1. A scheduled service between fixed ports on a trade route by such a cargo and/or passenger transport shipping line operations. 2. Material placed between two other materials to serve as a

LIST SERVER

Email messaging services’ dedicated computer system.

LIVERY USE

Carrying passengers using a rented vehicle. Typically an automobile insurance policies’ exclusion.

LOADING BAY

The point where warehouse meets the outside world; where goods are loaded on/off a vehicle. A warehouse area.

LOCKOUT PERIOD

When a swaps principal cannot be increased or decreased no matter what the interest does.

LOGNORMAL DISTRIBUTION

A report where asset prices distribution is calculated using a random variable to show how the market can change. Refer to normal distribution.

LONG FORM BILL OF LADING (B/L)

B/L with the terms and conditions of carriage printed on its back. Either the older Hague rules or the more recent HagueVisby rules govern these terms. Conditions of carriage are defined as

LONG TERM PLAN

Five years or longer planning horizon for this type of plan. Also known as long range plan.

LOSS ADJUSTOR

The insurer / insurance company hires one for an insured’s insurance claim investigation and settlement an insured. This person is typically and independent entity. Also refer to loss assessor.

LOW

In a trading session, lowest share price of the day’s trade transactions.

LADING

1. Transporting vessel receiving its cargo. 2. Transportation vessel’s loaded cargo for transport. The cargo’s carrier issues a receipt known as a bill of lading.

LANHAM ACT

Regulations on commercial activities involving trademarks. Federal regulations that ensure trademarks are unique to their users. It intends to reduce consumer confusion seeking to identify well-known goods or services. Also known as

LAST IN FIRST OUT (LLFO)

An approach where the last acquired product is the first one out for sale. Refer to first in first out.

LATEST DATE FOR PRESENTATION

Submittal deadline a beneficiary of a letter of credit (L/C) has for required documents to receive the payment. If the L/C has no specified, either the L/C validity date or the date

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