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

LIAISON

1.Communicators for two entities; typically, a corporate situation. 2. Entity responsible for communications from one party to another. 3. Thickener substance for a stew or sauce.

LIBERTARIANISM

Political and philosophical principle and belief seeking to limit government involvement in civil economical and social matters. Issues need to be settled outside the courts. Its roots trace back to the early

LIBERALIZATION

To allow an increase in liberal actions than in previously circumstances.

LIENEE

Debtor or party whose assets or property is held by lien by a creditor, claimant, or ‘lienor’.

LIBRARY OF CONGRESS CLASSIFICATION

Knowledge classification scheme for subject divisions, indicated by letters, and their subdivisions by numbers. Known as call numbers for books, and other material, as a part of a library’s systematic cataloging and

LEVERED FREE CASH FLOW

Money available to company’s stockholders after paying incurred debt interest. The bigger the debt interest due, the less money left for distribution.

LEVEL SCHEDULING

Smooth flow of production over a period driven by sales and production departments agreeing on a fixed level of output volume and output duration. Minimal disruptions from sudden demand-level changes needed. Matching

LIFE CONSERVATION

Research, lawmaking, and increasing public awareness as the means of an administration’s attempts to conserve human lives.

LIFE CARE CONTRACT

In return for transferring a property to the caregiver, one or more persons are guaranteed lifetime care and maintenance, under this arrangement .

LIFE CYCLE COSTING

Procurement, production, life-cycle costing technique. Cost to buy, install, operate, maintain and upgrade, and waste during the asset’s economic life are tracked to determine the lowest cost of ownership of a fixed

LIFE CYCLE COST

Tally time-bound or over a full life span for a good, service, structure, or system of all recurring and onetime costs Cost to buy, install, operate, maintain, upgrade, as well as residual

LIFE CYCLE OF A PRODUCT

As an improvement in marketing concept, goods and services live a progression from cradle to grave as a life span like people and living organism. Almost every product goes through the stages

LIFE CYCLE MANAGEMENT

A process for managing system software, hardware, and support over the life of a system. In this process, the focus is on the initial development and implementation stages as projects expend at

LIFE ANNUITY

Annuity from a certain date that pays over the life of an individual. Also known as whole life annuity.

LIFE CYCLE PROCESSING

Cost accounting method of pricing manufactured goods based on the product’s total cost over its life cycle. A comparatively lower upfront cost occurs from this practice. Many contend that future product revenue

LIFE INCOME

Even if the principal amount is exhausted this settlement agreement’s life-time option continues paying the beneficiary in installments.

LIFE EXPECTANCY TERM INSURANCE

Term life insurance with terms for the insured’s expected remaining years of life. Contrast to ordinary life insurance policy, typically having a set age, like 65 years of age, as its term.

LIFE INSURANCE COMPANY

Upon untimely death of its policy holder, the insured, a financial intermediary as the insurer, shares the financial risk.

LIFE ESTATE

Freehold estate while the beneficiary or tenant lives. Terminates at the beneficiary’s death. Not a legal estate, so the beneficiary cannot sell the property. It is only an equitable interest.

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