PERSONAL FINANCE GLOSSARY

LIFO—Last In, First Out

Lapse

Large-Cap Stock

Last

Leap

Level Load

Level Term Insurance

Liability Insurance

Lien

Lifetime Payout

Limit Order

Liquidity

Living Trust

Living Will

Loan-To-Value (LTV) Ratio

Long

Long-Term Capital Gains

Long-Term Care Insurance

Low Price

A legal document that outlines what life-prolonging measures an individual wants taken if he or she is terminally ill or incapacitated. Rules governing living wills vary from state to state.