L

labor union

an organization of workers formed for the purpose of advancing its members' interests in respect to wages, benefits, and working conditions.


late fee

also known as a late fine or a past due fee, is a charge levied against a client by a company or organization for not paying a bill or returning a rented or borrowed item by its due date.


liability insurance

protects the insured party from others' claims of loss due to the insured's alleged or actual negligence or improper actions.


life insurance

protects dependents from loss of income, debt-repayment, and other expenses after the death of the insured party.


loan

a thing lent; something the use of which is allowed for a time, on the understanding that it shall be returned or an equivalent given; especially a sum of money lent on these conditions, and usually with interest.


loan deferment

a putting off; postponement, delay in repaying of a loan.


loan forbearance

an option that allows you to pay less than your normal monthly mortgage payment (or sometimes nothing at all) for a short period of time. For this option, you'll typically have to show your lender that you'll have the resources to catch up on your loan in the future.


long-term care insurance

covers specific costs of custodial care in a nursing facility or at home.