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 LEAP is a long-term option contract for a company's stock. They usually run for one year or more and are available on several U.S. exchanges.

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