Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Liability, Umbrella: A type of liability insurance available to individuals and companies protecting them against claims above and beyond the amount covered by their primary policies or for claims not currently covered.

LIBOR: LIBOR means the London Interbank Offered Rate. LIBOR represents an average of the interest rates on dollar-denominated deposits, also known as Eurodollars, traded between banks in London. LIBOR is among the most common of benchmark interest rate indices used to make adjustments to variable rate loans.

Liquidity : The quality of an asset that permits it to be converted quickly into cash without loss of value. For example, a mutual fund is more liquid than real estate.

Living will: A document that contains the signer's desires for specific medical treatment in case the person is unable to make medical decisions; also known as a health care directive.

Loan: A grant of the temporary use of something, often money.

Loan Forgiveness: Special programs that &"forgive"; a portion of your loan balance, or lower your principal balance. Most programs are created to serve a specific community, such as a specific occupation (teachers, nurses) or a specific geographic region. These programs are often supported by national or local government and are used as incentives to continue on to higher education.

Loan Limits: Limits set, usually by the federal government, to cap the amount of borrowing from a certain type of loan.

Loan Origination: The steps that a lending institution completes up to the time a loan is placed on its books, including processing of applications and loan closing.

Loan Origination Fee: A fee, charged by a lender, for services provided in connection with the origination and funding of a loan.

Loan shark: A person who lends money at an exorbitant rate of interest.

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