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

LIVING NEED BENEFITS

Allows life insurance to have long-term care benefits. Stems from a mixture of life insurance and long-term care coverage. This practice reduces the value of the life insurance policy is less because

LIVING WAGE

Income from working that is sufficient to pay the bills, buy enough food, handle emergencies, and stay off welfare.

LIVE SPACE

Area inside a wall that reflects sound, thus sustaining it.

LISTED PROPERTY

Property for lease or sale assigned to an authorized real estate broker. Also known as listing.

LOAD SHIFTING

Moving demand from daily peak hours to off-peak hours. A load management technique.

LOAD SHEDDING

Energy utilities’ demand reduction method. Demand is load. Different geographical areas have their energy generation temporarily switched off.

LOADING BAY

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

LOADING

Built in to the insurance cost, this amount covers insurer operating cost, periodic insurer’s losses higher than anticipated, and interest earned from the insurer’s investments. The amount required to only cover losses

LOAN WORKOUT

Delinquent borrower’s payoff routine worked out with a lender. Rescheduling the loan, having a longer payback period, having smaller installment amount are typical conditions. Staves off further delinquency and likely foreclosure.

LOAN ORIGINATION FEE

For making a mortgage loan, the lender charges a fee to the borrower. Typically a percentage of the loan principal.

LOAD BALANCING

The even splitting of workload among two or more servers. The intent is to provide a certain standard of throughput for the user community while having online backup servers in case one

LOCAL AREA NETWORK (LAN)

Two commercially and industry known major LAN standards are Ethernet and Token Ring. data communication system user-owned. user-operated. Either a short-distance cable and/or wireless-based device connection. Interconnects one or more servers with

LOCK IN

Guarantee of a given interest rate for a limited amount of time as a commitment from a lender to a borrower.

LOCALIZATION

accommodating the language, cultural, political and legal differences of a foreign market or country as a practice for adjusting a product’s functional properties and characteristics.

LOCKED MARKET

Where bid price equals the asked price as a temporary situation.

LOCK-BOX SYSTEM

In the event the business property is destroyed or theft is attempted, this is an area where important documents are stored safely.

LOCAL GOVERNMENT

City, town, county, or state level government. The administrative body for this small geographic jurisdiction. Electing officials, enacting taxes, and doing many things a national government can do is within its jurisdiction.

LOAD

1. Force exerted overall on a structure or a body. 2. Expected amount of production from a producer. Allotted work to an individual, group, machine, or system. 3. A piece of equipment,

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