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

LIFESTYLE ENTREPRENEUR

An business-building entity whose purpose is altering their and others’ personal lifestyles, not solely for profit. Success in this business reflects well the passion the entrepreneur has for what it is doing.

LIFETIME COST

The total cost incurred by possessing certain goods over their lifetime. This is added on to purchase cost. Maintenance, insurance, renovation, and the like are typical add-on costs. These extra costs may

LIFETIME EXPOSURE

In one’s estimated 70-year lifetime, the exposure to a substance that one will get as a total value.

LIFETIME RESERVE DAYS

Hospital-stay-allowed-time as a day’s count for the insured. Typically 90 days per stay is allowed under Medicare policy. In case an extension in hospital care is necessary, a lifetime reserve to be

LIFETIME VALUE OF A CUSTOMER

Estimated total profit, or loss, resulting over the life an ongoing business relationship with a customer. Comparatively higher value from marketing expenditure and/or salesperson compensation justify a high lifetime return on goods

LIFT VAN

Personal goods and merchandise are exported overseas in this sturdy wooden crate.

LIGHT EMITTING DIODE (LED)

Electronic device, the diode, that emits light by restricting electric current through it. LED-based lighting bulbs consume little current and last for decades. Red or green came from older LEDs made from

LIGHT INDUSTRY

Consumer electronics and clothing manufacturing are examples of light industry. It is part of an economy’s secondary industry. It has less capital-intensive and more labor-intensive operations. End consumers rather than other businesses

LIGHTEN UP

1. To make something lighter. An example is taking inventory off a truck. 2. To liquidate a securities positions. Moving investment portfolio holdings to cash. Selling stocks or bonds to lighten up

LIGHTER ABOARD SHIP (LASH)

For moving cargo from ship to shore and the other way around, a barge or other shallow water craft is carried onboard a ship.

LIKE-KIND EXCHANGE

Until a property received in exchange is sold or disposed of, an exchange of similar business or investment assets with any gain or loss is not recognized.

LIKERT SCALE

This is a statistical term. A numerical value coincides with each potential choice. A mean value for all the responses is calculated at the end of the evaluation or survey. This is

LIMIT BUY ORDER

A promise to buy securities between broker and buyer if the peak financial condition is reached.

LIMIT MOVE

The maximum price fluctuation for a given contract on the futures markets. Typically triggers a trading halt as measured against the previous day’s close. Refer to Locked Limit Down; Locked Limit Up.

LIMIT ORDER

At a specific maximum or minimum price, client-to-broker instruction say buy or sell an item. An action in commodities and securities trading. A balance may be kept for later execution If the

LIMITED ACTION

Court action’s decision to recover or compensate damages for less than or equal money than the law allows. Such decisions often happen quicker than full recovery.

LIMITED AGENT

In some states, this type of agent has lesser education and licensing requirements. An agent allowed to deal only is specific forms of insurance, like travel insurance.

LIMITED GUARANTEE

A specific obligation fulfilling a written undertaking. Also known as specific guarantee.

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