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Home»Glossary

Glossary 

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Lapsed policy (Insurance)

An insurance policy that was not renewed or extended after its expiry date.

Legacy (Trust and estate)

A gift received from a person through a will. See also Bequest.

Letters of administration (Trust and estate)

Court grant of authority to administer an estate of a person who did not have a valid will (distinguish from Letters Probate).

Letters of probate (Trust and estate)

Court grant confirming that the Will is the last one made and recognized as valid (distinguish from Letters of Administration).

Liability insurance (Insurance)

Insurance coverage that protects a person or organization against claims from a third party due to property damage or bodily injury.

Lien (Borrowing)

A claim against property for money owing.

Lien (Mortgages)

A claim against a property for money owing.

Life annuity (Insurance)

An insurance contract that provides a set amount of monthly income based on a payment schedule that is determined when the annuity is established.

Limit of liability (Insurance)

The maximum amount an insurer will pay under the terms of a policy.

Line of credit (Borrowing)

A borrowing product that sets a maximum amount of money against which a borrower may draw. The money, when repaid, can be borrowed repeatedly without reapplying for credit.

Liquid (Business banking)

Cashable at any time.

Liquid (Daily banking)

Cashable at any time.

Liquidity (Business banking)

The extent of a company’s ability to meet its immediate liability obligations using current assets.

Loan (Borrowing)

An agreement between a lender and a borrower where the lender gives the borrower a sum of money and the borrower agrees to repay it, with interest, under conditions set out in the agreement.

Loan (Business banking)

An agreement between a lender and a borrower where the lender gives the borrower a sum of money and the borrower agrees to repay it, with interest, under conditions set out in the agreement.

Lump sum prepayment (Mortgages)

An extra payment made on the principal balance of a mortgage. The terms of some mortgages may restrict how much or how often prepayments can be made.

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