Glossary


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Lease

A contract conveying from one entity to another the use of real or personal property for a designated period of time in return for payment or other consideration.

Lessee

One to whom a lease is granted.

Lessor

One who grants a lease.

Liability

In accounting, is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

Licensee

A person given a license by the government or under private agreement.

Licensor

A person who gives another a license, particularly a private party doing so, such as a business giving someone a license to sell its product.

Life Income Funds

Gifts for investment with income payable to one or more beneficiaries during their lives. Upon the termination of life interests, the principal becomes available for Institute purposes, which may be designated by the donor.

Loss Control

Methods of reducing the frequency (number of claims) and/or severity (extent/cost of each claim) of losses, including exposure avoidance, and loss prevention/reduction systems and programs.

LTL

A freight classification meaning “Less than a Truck Load”. Also, LCL “Less than a Container Load”.